Small and medium-sized businesses are beginning to explore cryptocurrency payments as a complementary alternative to traditional methods, in a context marked by rising financial costs and a search for greater operational flexibility. Crypto thus enters the business dialogue not as a substitute for banking, but as an additional option to streamline cash collection, reduce reliance, and expand payment possibilities.
Valencia-based non-custodial crypto services provider Bitnovo explains that more and more users are choosing to use their crypto assets as a day-to-day payment method. Between 2024 and 2025, the volume of crypto payments processed through the platform grew by 30.4% (according to Bitnovo’s internal transaction data), a signal that part of the market is already preparing for a scenario in which alternative digital payments will play a bigger role.
Alternatives amid deteriorating conditions
In Spain, the burden of bank fees has continued to rise. According to the Bank of Spain’s public series, net income from fees and commissions across the banking sector rose from €23,611 million in 2020 to €34,687 million in 2025, marking an accumulated increase of 46.9%.
Moreover, the National Commission on Markets and Competition (CNMC) identified in 2025 risks of worsening commercial conditions for small and medium-sized enterprises and freelancers in certain retail banking markets. In the context of the BBVA/Sabadell takeover authorization (April 2025), the CNMC detected risks of deteriorating conditions for SMEs and freelancers in retail banking and payment methods, which prompted specific commitments from the acquirer. In the payments space, the regulator also warned of a risk of price increases for merchants who contract payment-acquisition services.
“In this context, cryptocurrencies are starting to enter the business conversation as a practical question: if a merchant reviews how much it costs to charge customers, how long it takes to receive the money, and how dependent it is on its financial providers, it also begins asking what other payment rails exist,” explain Bitnovo.
Coexistence with banking
One factor that helps facilitate this introduction is the growing familiarity among users. According to the European Central Bank’s SPACE 2024 survey, 9% of Spain’s population owned crypto assets in 2024, more than double the rate in 2022. This is complemented by a clearer European regulatory framework following the MiCA regulation taking effect in December 2024.
Although adoption is not yet widespread among Spanish SMEs, the context has changed. For many small businesses, the question is no longer simply “crypto yes or no,” but whether accepting alternative digital payments can be part of a broader strategy for cost control, flexibility, and access to new customers.
“What matters is not that the merchant will replace its bank with crypto. What matters is that, when it starts reviewing fees, POS terminals, settlement times, and financial dependence, crypto naturally enters the list of alternatives that previously weren’t even considered,” says Javier Castro-Acuña, Director of Digital Assets at Bitnovo.
For Bitnovo, this shift should not be interpreted as an automatic substitution of traditional banking, but rather as a market signal: when the small business reviews costs, settlement times, and operational flexibility, it also broadens the range of questions it asks about available alternatives.
