PayPal, DraftKings and Starbucks, Does Everyone Now Accept Crypto?

After years of consumer uncertainty surrounding cryptocurrencies and their validity as an effective payment solution, these blockchain-backed digital currencies have slowly but surely begun to make their way into major markets. From purchasing airline flights to simply treating yourself to a snack downtown, cryptocurrencies have emerged as a payment option, with multiple forward-looking companies integrating them into their revenue models. While the short answer to the title question is no, crypto is far from being universally accepted, many readers will be surprised by the extent to which digital currencies are now a valid option. By first looking at the process behind crypto payments, here let’s assess its position in today’s consumer market while addressing what might be next for this economic curiosity. 

How do crypto payments work?

While traditional payment methods, such as credit cards or bank transfers, require an intermediary, usually a bank, to process and approve a transaction, crypto payments are what are known as peer-to-peer (P2P) transactions. Here, no intermediary is required with the transaction occurring directly between the sender and receiver. The first step is to have a digital crypto wallet containing some cryptocurrencies ready to spend. From here, a transaction might go as follows:

1. Payment initiated – a sender will enter a receiver’s digital wallet address as well as the amount to be sent. Much like a standard bank transfer. Once confirmed, the blockchain network will begin processing the payment. 
2. Transaction verified – again done through the blockchain, this ensures adequate funds are available to be sent. 
3. Transaction confirmed – once verified, the transactional information is added to the blockchain making the payment fixed and transparent. The receiver will ‘reflect the payment’ whereby they will be notified that the payment has been recorded onto the blockchain.
4.  Transaction completed – finally, the cryptocurrency is transferred to the receiver's wallet.

In a commercial setting, many businesses prefer not to hold crypto therefore there is often an additional step to the payment process in which the crypto is converted back into traditional currency. This is done via one of several available payment processors such as Bitpay or Coinbase. 

Where is crypto accepted?

When it comes to accepting crypto as a valid form of payment, there are several industries that lead the way when it comes to the widespread adoption of the transaction method. Unsurprisingly, e-commerce retailers and services are setting this trend, with big names like Microsoft, Twitch, GameStop, and Shopify all enabling crypto payments in recent years. Fintech giant PayPal has also incorporated crypto into its operations, allowing customers to use Bitcoin at the checkout. As one of the most widely available digital wallets out there, the company’s adoption opens up Bitcoin payments to a larger variety of online platforms. For example, PayPal has partnered with Casinos and sportsbooks like DraftKings, allowing deposits to be paid using crypto. As crypto continues to become a part of fintech market leaders’ portfolios, it’s fascinating to see where it will go next.

Travel and tourism have also developed into a crypto-friendly industry of late, with several companies accepting the payment method. Major airlines Lufthansa, Emirates, and Turkish Airlines have all integrated crypto payments to varying degrees by partnering with payment providers like Bitpay to process transactions. Going one step further, the travel company Travala founded in 2017 out of Singapore, deals only in crypto, allowing up to 100 different currencies to be used to purchase flights, hotels, and activities. With several potential benefits to using crypto for travel payments, a growing trend in crypto travel is emerging. The very nature of crypto is borderless, which hugely reduces the conversion costs related to entering new currency regions, while the efficiency and security surrounding crypto payments is an additional layer of protection when spending the usually large amounts required for holidays and experiences. 

The high street has also seen some adoption, with several leading brands making moves into the crypto scene. Customers at coffee giant Starbucks can now use crypto to get their next caffeine fix after the corporation partnered with fintech company Flexa to facilitate the incorporation of crypto payments via their SPEDN app. Elsewhere, Burger King and Subway, two of the largest fast-food chains in the world, have also started to accept crypto in certain stores. As franchises, individual stores are given some autonomy when it comes to payment methods, which has led to stores from Paris to Venezuela accepting currencies like Bitcoin. 

Outside of major retailers, crypto is becoming increasingly popular in the ever-evolving fintech sector, with many small but forward-thinking companies understanding the future potential of crypto payments. While many established market leaders may not see the value of investing significant sums to become crypto-compatible when their revenue streams are already strong, it is the emerging companies who see the long-term value of building their business operations with crypto at the core. 

Which sectors are less crypto-friendly?

While there are some examples of high-street retailers who have started to accept crypto payments, this remains the exception rather than the norm, with the majority of established retailers still shying away. With the crypto market still highly volatile, resulting in large swings in crypto values, consistent pricing of goods and services remains a challenge. Coupled with the complex and often expensive integration of crypto processing services into standardized business operations, many retailers are happy to stick to traditional payments. 

As decentralized currencies, cryptos operate outside of the central banking system, and because of this, many traditional financial institutions and government services remain opposed to their use. It is, therefore, unlikely that cryptos can be used for any state-run services or with any long-established banks. However, with some banks starting to incorporate crypto into their systems, it might not be long until this changes. 

It is clear that crypto is yet to become the standard however, looking back a decade, the huge increase in the adoption of crypto indicates a promising future. Importantly, supply is driven by consumer demand, and at present, there doesn’t appear to be the demand required for universal adoption. As the technology continues to develop, this could soon change. 

Reviewed and edited by Albert Fang.

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Article Title: PayPal, DraftKings and Starbucks, Does Everyone Now Accept Crypto?

https://fangwallet.com/2025/04/25/paypal-draftkings-and-starbucks-does-everyone-now-accept-crypto/

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