Insights from Oobit’s Six-Month Report
The crypto payments ecosystem has experienced significant growth in recent years, as more individuals, businesses, and even some government authorities especially in the EU have begun to embrace digital assets as a viable form of payment and means of exchange.
According to the latest crypto adoption report by Chainalysis, most of the countries in Central, Northern, & Western Europe (CNWE) recorded an average 44% year-over-year (YoY) growth rate in crypto activity between July 2023 and June 2024. Notably, for transactions under $1 million, the stablecoin volume growth in CNWE was 2.5x higher than that of North America, which is currently the largest crypto economy.
In this mini report, we’ll explore the rising adoption of crypto as a means of exchange in the EU by analyzing Oobit’s usage data over the past six months. Oobit is a leading mobile payment app that allows users to make seamless in-store crypto payments on both iOS and Android devices through its Tap & Pay feature. This growth aligns with the broader movement of digital assets becoming a fundamental means of exchange in everyday transactions.
One of the key drivers of adoption appears to be the regulatory environment given that certain jurisdictions in Europe have established more favorable or advanced crypto frameworks. Notably, the top three countries in Oobit’s usage data (Romania, Poland, and Hungary) all benefit from regulatory measures that either already support or are poised to encourage crypto adoption in the near future.
That said, let’s dive into the numbers;
Global Insights from the Oobit App
USDT Stablecoin Accounted for 92% of All Payments
Most of the users leveraging the Oobit App for crypto payments were using the USDT stablecoin, making up 92% of all the crypto payments made through the app. A 5% cashback was also offered for every payment made with USDT.
Average Transaction and Deposit Sizes
The average payment size by Oobit users stood at $8.36 while the average deposit size was significantly higher at $85.
Expense Breakdown by Merchant Category Codes (MCC)
- The majority of expenses, 70%, fell within the MCC range 5000–5500, which primarily encompasses retail purchases, food, and beverages.
- Following this, 26% of expenses were attributed to the MCC range 5500–6000, covering sectors such as lodging, travel, and aviation.
- A smaller portion, 1.5% of expenses, were linked to the MCC range 4000–4500, typically associated with government services and digital payments.
- Similarly, another 1.5% of expenses were tied to MCC codes 6000+, representing a variety of services, including healthcare, entertainment, and other unique payment categories.
Country-Level Analysis: Regulatory Landscape and Usage Trends
The top 5 countries in Oobit’s app usage were Romania, Poland, Hungary, Spain and Lithuania. Below is a summary of the key figures;
Let’s dive into Oobit’s top three countries to shed some more light on the recent regulatory developments that may have contributed to the adoption trends on Oobit’s App usage over the past six months.
Romania; A Temporary Tax Break
Romania recently took a proactive stance on crypto taxation, adopting a tax break amendment to its fiscal code. The move intends to exempt the earnings derived from crypto investments by natural persons until July 31, 2025. An incentive, which the authorities expect will increase transparency in crypto transactions as well as enable the mapping of this nascent market into the Romanian economy.
Oobit Usage Data – Romania
- Average Payment Size: $7.1
- Primary Expense Category: 71% of spending falls within MCC 5000–5500 (retail, food, and beverage)
Poland: Pro-Crypto Political Discourse
With Poland set to go into elections in May 2025, one of the Presidential candidates by the name of Sławomir Mentzen has pledged to establish a strategic Bitcoin reserve, setting the stage for the country to become a “cryptocurrency haven”. While his chances are way slimmer than President Trump’s – who also ran on a similar message – Poland has already established a crypto regulatory framework that currently enables crypto businesses such as exchanges to legally operate.
Oobit Usage Data – Poland
- Average Payment Size: $8.3
- Primary Expense Category: 72% of spending falls within MCC 5000–5500
Hungary: Moving Toward Crypto Regulation
Last year, Hungary’s Ministry for National Economy proposed a draft law on crypto regulation that spans two main areas: allowing local banks to offer digital assets like Bitcoin or Ethereum directly to clients and supervision of the crypto market by the Hungarian National Bank. The country’s parliament also adopted Act VII of 2024 on Markets in Crypto-Assets which came into force in June 2024.
Oobit Usage Data – Hungary
- Average Payment Size: $7.9
- Primary Expense Category: 63% of spending falls within MCC 5000–5500
Summary
Looking at the figures in this mini-report, it is clear that crypto payment adoption is on the rise in the EU, with impressive transaction figures in countries like Romania.
While the deposit numbers are an indication that most Oobit users are using the app for small payments, Lithuania stood out with an average deposit of $169; this can be attributed to the country’s position as an established crypto business hub with low corporate taxes and a clear regulatory framework.
Overall, Oobit recorded an exemplary performance over the past six months and remains on course with its vision is to scale crypto payments adoption globally, beginning with the EU market and expanding to Latin America and Asia. As digital assets continue to gain traction, they are setting a new standard for how people transact daily, bridging the gap between traditional finance and the emerging world of decentralized payments.