Singapore’s Crypto Adoption Surges, Especially for Payments
More Singaporeans are embracing cryptocurrency, with ownership reaching 26% in 2024, according to a Triple-A survey. This marks a rise from 24.4% in 2023.
Among crypto owners, 52% use digital assets for payments. Interestingly, 67% plan to increase their crypto usage in the future.
Younger generations, including Gen Z and millennials aged 16 to 44, are leading the charge. About 40% of this group holds crypto. they use it for online shopping (41%), bill payments (36%), and in-store purchases (27%).
Older users, aged 45 and above, prefer crypto for peer-to-peer transfers. Nearly 43% use it to send funds to friends and family,while 35.7% use it for online shopping and 17.2% for bill payments.
However, challenges persist. The complexity of using crypto is the biggest hurdle, cited by 63% of respondents. Security concerns and lack of merchant acceptance follow closely.
Despite these issues, progress is being made. As an example, Metro, a Singaporean department store chain, plans to accept stablecoin payments both in-store and online via Metro Mall. They partnered with DTCPAY to support transactions using stablecoins like USDT and USDC.
