- Now, more than half of the people who use crypto in Singapore are using it for everyday payments, not just as an investment.
- Singapore’s practical crypto adoption is being driven by the younger generations for online use like shopping and paying bills.
- In Q2 2024, Singapore witnessed a full bloom of its crypto payment landscape, with over $1 billion achieved in merchant transactions alone.
In Singapore, there’s been a surge in the use of cryptocurrency. Interestingly, the majority of the people holding cryptocurrency use it to pay for everyday purchases. According to the Singapore-based crypto payment firm, Triple-A’s finding, the country’s crypto ownership number increased to 26% compared to 24.4% a year earlier.
This adoption is especially strong among younger generations, with around 40% of people aged between 16 and 44 claiming to own cryptocurrencies.
How Singaporeans Are Using Crypto in Daily Life
About 52% of all crypto holders have been using digital assets to pay for goods and services, and 67% plan to increase their usage. They are leading the charge in using crypto for financial settlements—online shopping (41.1%), paying bills (35.9%), and in stores (27%).
On the other hand, most users aged 45 and above are using crypto differently; 42.9% use it to send money to friends and family. Of course, they also shop online with it (35.7%) and make bill payments (17.2%).
Singapore’s Expanding Crypto Payment Landscape
A total of US$1 billion worth of crypto payments was made to merchants in the second quarter of 2024 alone, surpassing payment volumes seen in the first quarter of this year and any other quarter in the past two years, as reported by blockchain analysis firm Chainalysis.
Merchant adoption is growing, and regulatory clarity is also improving. This proves that the authorities are indeed the supporting engine of growth for this sector, setting Singapore on its way to becoming a global hub for digital assets.
A number of companies have begun incorporating crypto into their payment systems. Fashion brand Charles & Keith and Apple product reseller iStudio are among the retailers accepting crypto payments through the Triple-A platform.
Stablecoins (USDT and USDC) are now being accepted at local firm DTCPAY in partnership with the popular departmental store Metro, in both their online and in-store locations. Another store, AXS has also teamed with Triple-A and allows users to top up as well as pay bills through popular cryptocurrencies like Bitcoin, Ethereum, USDC, and Tether.
