A new survey by crypto payment firm Triple-A reveals that over half of Singaporean cryptocurrency holders are utilizing their assets for payments. Data from the study shows a significant rise in crypto ownership to 26% in 2024, compared to 24.4% in 2023. This surge is attributed to growing usage for transactions across various platforms.
A substantial 52% of cryptocurrency holders report using crypto as payment for goods and services, while an impressive 67% expect to utilize it more frequently in the future. Notably, younger generations such as Gen Z and millennials (aged 16-44) demonstrate leading adoption, with over 40% holding crypto. Among this group, 41% use cryptocurrency for online shopping, 36% for bill payments, and 27% for in-store purchases.
Older users (45+) display higher use of crypto for peer-to-peer transfers. Around 43% utilize it to send funds to friends and family, while 35.7% employ it for online shopping and 17.2% for bill payments.
Despite the rising adoption rate, challenges remain.
The report highlights complexity (63%), security concerns (60%), and lack of merchant acceptance (54%) as significant obstacles for cryptocurrency users in Singapore.
Metro, a prominent Singaporean department store chain, has recently announced its intention to accept stablecoin payments both in-store and online through its Metro Mall platform. The retailer partnered with local crypto payment firm DTCPAY to provide transactions using Tether’s USDT and Circle’s USDC.
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