Crypto Payments in Australia Surge, But Banking Barriers Remain a Major Challenge

A new report from the cryptocurrency exchange Independent Reserve reveals that the number of Australians using cryptocurrencies to pay for goods and services has doubled in 2026 compared to the previous year. However, banking barriers continue to pose challenges for crypto users in the country.

The annual survey of 2,000 “ordinary Australians” conducted from January 12 to 30 shows that the percentage of Australians using crypto for purchasing goods or paying for services has increased from 6% to 12%. The report states that “more Australians are viewing crypto as a more practical payment method rather than just an investment.”

Among those who use crypto for goods and services, 21% said they use crypto for online shopping, making it the top practical use case. Another 16% use crypto to pay for services such as freelancing and purchasing video games.

Despite increasing acceptance, barriers still exist, with some citing lack of education, training, and “technology being too complex to use.”

Online shopping is the main use case for crypto in Australia. Source: Independent Reserve## Growing Banking Issues

Beyond technological complexity, banking barriers are highlighted as a significant obstacle. A Binance survey last year indicated that users face banking hurdles when transacting with crypto exchanges and businesses — an issue also emphasized by participants in the Independent Reserve survey.

About 30% of investors reported experiencing delays or refusals when trying to buy cryptocurrencies or transfer funds to a crypto exchange at least once, up from 19.3% in 2025.

Bank restrictions on crypto transactions in Australia tightened around 2023, as major banks including Commonwealth Bank and National Australia Bank implemented measures such as payment delays, transfer limits to crypto exchanges, and additional identity checks.

Younger investors report more trouble with transaction delays compared to older individuals, and those making smaller transactions face greater interference.

Younger users face more bank interventions when purchasing crypto. Source: Independent Reserve “For many Australians, the lack of regulation has become apparent when a payment to a crypto exchange is delayed or blocked — an issue that has continued to grow over the past year,” the report authors said.

“These disruptions affect both consumers and businesses, highlighting how cautious banks are with crypto when rules are unclear.”

Licensing and Clear Regulations as Solutions

The report states that these findings show banks have yet to loosen their stance on crypto and may be adjusting their approach by focusing on user behavior and transaction patterns rather than transaction volume, underscoring the increasing need for regulatory clarity.

“Licensing and clear regulations could help address this. By setting high standards for crypto operators, banks will have more confidence that transactions are legitimate,” they added.

Crypto executives told Cointelegraph last month that Australia’s crypto market is making progress in user growth and regulatory reform, but many issues remain to be addressed.