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This Black Friday, crypto-powered payments are poised to lead consumer spending, particularly in premium and collectible items, according to insights from Binance and its payments partner, Fivewest. Following last year’s trends, which highlighted a strong demand for high-end fashion and dining, more consumers are turning to crypto wallets and digital assets, signaling a shift toward seamless, mobile-based transactions.

In 2023, Binance reported that purchases of premium apparel and collectibles topped its payment gateway, with food outlets closely behind. These patterns reflect a global move toward quality-focused, experience-driven buying. With crypto wallets increasingly integrated into mobile devices, digital payments are becoming more versatile, offering shoppers a convenient way to transact wherever they are.

“Black Friday has always been a time for high-value purchases, and with crypto transactions increasing, we’re seeing a new wave of consumers taking advantage of the ease and security that mobile crypto wallets provide,” said Hannes Wessels, South Africa Country Manager for Binance. “This year, we anticipate significant growth, particularly as mobile adoption becomes more widespread.”

The adoption of crypto wallets and digital payment methods, according to the insights, is steadily growing, with mobile devices emerging as the preferred tool for point-of-sale transactions. Globally, an estimated 560 million people—around 7% of the population—now use cryptocurrency, signaling a shift from niche technology to a mainstream payment option. This broader adoption highlights crypto’s potential to connect businesses with new customer bases while enabling seamless cross-border transactions.

Driving this trend is Fivewest, which recently introduced a debit card that can be funded with crypto assets. With a simple QR code scan to top up the card, the solution offers a secure and efficient payment method for crypto users. This feature has gained significant traction, particularly among Binance Wallet users who frequently utilize it for high-value purchases.

“Although this feature is still in its early phases, we’ve already seen considerable interest in it as a crypto-friendly payment solution,” said Ross Letcher, Senior Marketing Executive.

While crypto spending spans various categories, premium apparel and dining are emerging as key beneficiaries of this shift. Businesses in these sectors are positioning themselves to capitalize on the growing base of crypto users eager to transact seamlessly.

Crypto transactions are expanding rapidly, growing at an average monthly rate of 26%. This figure could increase further if Fivewest successfully secures new banking partnerships to reintroduce its crypto-funded debit card. Binance and Fivewest see such cards as a crucial intermediary step, bridging the gap between traditional payment systems and direct crypto transactions.

Highlighting the retail sector’s embrace of crypto, Deven Moodley from PicknPay revealed at the recent Borderless Payments Conference that the retailer processes R6 million in monthly crypto transactions, underscoring the rising adoption in day-to-day commerce.

As Fivewest pursues new banking collaborations, both it and Binance remain optimistic about crypto’s integration into mainstream retail. With more flexible and accessible ways to use crypto for everyday purchases, the adoption curve is steadily shifting from innovators to early adopters.