Cryptocurrencies are disrupting the financial landscape and fast global payment mentality, with one of the key features being rapid processing. However, with all the new payment technologies out there today, is crypto still the fastest way to pay?
To look at this question, we compare major payment methods used worldwide to determine whether crypto payments are indeed still the fastest. We also explore various coins and other payment options and sum up how rapid their transaction speeds are for cross-border payments.
Top Cryptocurrency Payment Speed Champions
Surprisingly, Bitcoin, Ethereum, and Dogecoin aren’t even among the fastest cryptocurrencies when considering transactions per second (TPS) rates. For instance, Ethereum actually only has a 15-30 TPS rate. But now we’ll reveal which crypto is truly the speed champ.
Cardano (ADA)
Cardano’s new Hydra scaling protocol has recently achieved over 1 million TPS rates, breaking all previous records for fast transaction speeds. Charles Hoskinson launched Cardano in 2017 but only implemented the “Fast Finality” concept late in 2024. As a result, Cardano is now considered one of the fastest cryptocurrencies out there today.
However, long before it started reaching these speeds, Cardano was already being widely adopted as an accepted payment method across industries like eCommerce, real estate, and iGaming. Its use in online casinos has been especially useful as Cardano and cryptos like it have contributed to the popularity and number of instant payout online casino choices now available to players worldwide.
By allowing instant withdrawals and other perks like more expansive game libraries and large welcome bonuses, platforms like these are fast becoming more popular than traditional iGaming sites. This underscores just how useful cryptocurrencies have been in revolutionising the industry thanks to their transaction speeds.
Solana (SOL)
Solana is the second fastest payment method among the cryptocurrency contenders, being able to run 65,000 transactions per second. Founded in 2020, the cryptocurrency is known as the “Ethereum Killer” and uses Proof of History (PoH) consensus techniques to speed up transactions. Solana is best used for NFTs and decentralised apps (dApps).
Cosmos (ATOM)
Cosmos has the third most impressive transaction speed, at 10,000 TPS. ATOM was founded in 2019 and has introduced the “Internet of Blockchains” with interoperability capabilities. The cryptocurrency’s rapid transaction speeds enable streamlined communication between various blockchains.
Avalanche (AVA)
Avalanche is another fast-transacting cryptocurrency with 4,500 TPS that enables near-instant payments and transaction finality. The popular cryptocurrency founded in 2020 uses another unique consensus mechanism for rapid transactions and works well for payments within dApps or blockchain networks.
EOS (EOS.IO)
EOS comes close to Avalanche, having the ability to finalise 4,000 TPS using a Delegated Proof of Stake (DPoS) mechanism to ensure flawless transactions with swift confirmations. The cryptocurrency founded in 2018 is ideal for enterprise-level apps and offers one of the fastest processing speeds on the EOS.IO network.
How Traditional Payments Compare in Speed
Traditional payment systems don’t even compare to cryptocurrency transaction speeds, including credit and debit card payments or conventional bank transfers.
Bank Transfers
How long payments take to clear from account depends on whether users have the same bank or not. Same-bank transfers are instant, but traditional bank transfers can take 24+ hours to clear to other banks or days with cross-border payments. International payments using traditional banking systems cannot compare to the near-instant processing speeds of cryptocurrencies.
Debit and Credit Cards
Credit card payments often have fast processing and transaction speeds, with some taking a few seconds to minutes. Still, the speed is only available to the same bank clients, and different banks could take 1-3 days to clear funds. Debit card transactions have near-instant authorisation on a point-of-sale (PoS)system but take days to transfer across borders.
E-Wallet Speeds Compared to Cryptocurrencies
E-wallets can almost compare to cryptocurrency transaction speeds, with some offering fast payment validation for cross-border transactions.
PayPal and Skrill
PayPal is a leading global e-wallet that processes domestic payments and transactions within seconds to minutes. However, cross-border transactions can take up to 24 hours to clear, which depends on the region and currency involved. Skrill offers similar domestic and international payment validation times.
CashApp
CashApp facilitates near-instant transfers for ecosystem users but is primarily used in the US and UK. Still, its growing popularity, ease of use, and fast transaction speeds make it ideal for same-region transactions.
Neteller
Neteller is another fast-transacting platform that validates payments quickly between accounts, sometimes only taking seconds. Online gamers and e-commerce traders often use Neteller because of the ecosystem’s reliability and speed.
Top Platforms Facilitating Fast Crypto Payments
Some blockchain platforms also provide fast cryptocurrency transactions and cross-border payments, with some platforms welcoming the use of multiple cryptocurrencies.
BitPay
BitPay is a platform enabling businesses to accept cryptocurrencies as payments to increase the widespread adoption of crypto transactions. The platform was founded in 2011 and integrates multiple popular cryptocurrencies like Bitcoin, Ethereum, LiteCoin, and DogeCoin.
GoCoin
GoCoin supports several well-known crypto types, including DogeCoin, Bitcoin, and LiteCoin. The 2013 crypto payment platform is merchant-friendly with multiple services to support businesses, including faster transaction and payment processing speeds.
CoinPayments
CoinPayments streamlines processing times for over 2,000 supported coins, including USDC, Ethereum, Polygon, and Stellar—making crypto a more viable option for use in business these days. The 2013 crypto payment platform encourages widespread adoption by offering businesses versatile and fast crypto payments worldwide.
Real-World Use Cases of Fast Crypto Payments
Here are some quick use cases to match to fast-processing cryptocurrencies:
- Cross-Border Remittances: Ripple, Stellar, Cosmos, and Avalanche transform cross-border payments by minimising the costs and increasing the speeds.
- E-commerce: SOL, ADA, and XRP are ideal for trading and commerce because instant payments can reduce cart abandonment rates caused by payment delays.
- Decentralised Finance (DeFi): Older cryptocurrencies like Ethereum, Bitcoin, and Algorand are ideal for DeFi apps to ensure secure but fast transactions.
- Gaming/Streaming: Tron streamlines micropayment transaction speeds to enhance the user experience of the gaming or entertainment industries.
Which Is the Fastest Payment Method for 2025?
No payment method could possibly match Cardano, with over a million transactions per second. Solana is the second fastest payment method while Cosmos provides exceptional speeds. E-wallets like PayPal provide near-instant processing but only for local transactions while traditional banking systems can be delayed due to intermediary processes.
Ultimately, cryptocurrency payment methods remain the fastest, with Cardano leading the industry for processing speeds heading into 2025. The high-speed cryptocurrency payment methods remain a leading global payment option, especially for international transactions, continuously cementing their reputation as a leading payment innovation.