Key Takeaways:
- Over half of Singapore’s crypto owners use digital currencies for regular purchases.
- Gen Z and millennials lead adoption with 40% ownership and frequent retail use.
- Companies like Sony now accept crypto payments despite ongoing user challenges.
Cryptocurrency is becoming a practical payment method in Singapore, driven by tech-savvy youth and increasing transaction volumes.
While adoption grows steadily, challenges like complexity and limited acceptance remain.
According to a Straits Times report published on April 8, ownership rates in Singapore increased to 26% in 2024, up from 24.4% the previous year.
Digital Native Spending vs Traditional Transfer Patterns
The report revealed other interesting usage statistics as well. Among crypto holders, 52% have already utilized digital assets for payments. Additionally, 67% intend to use crypto tokens for future transactions.
In Singapore, younger generations, particularly Gen Z and millennials, are leading cryptocurrency adoption, with around 40% holding crypto.
Usage patterns vary by generation. Over 41% of younger users use crypto for online shopping. Another 36% pay bills with digital currencies, while 27% make in-store purchases.
Older users have different priorities. Among those 45 and above, 43% primarily use crypto for peer-to-peer transfers to family and friends.
Online shopping represents 35.7% of their usage, followed by bill payments at 17.2%.
Despite growing usage, over 60% of respondents find crypto complex. Security concerns affect 60% of users. Limited merchant acceptance frustrates 54% of crypto holders.
Nevertheless, crypto transaction volumes continue to rise in Singapore.
According to blockchain analysis firm Chainalysis, these payments surged to nearly $1 billion in Q2 2024, marking the highest level in two years.
Brands Transforming Crypto from Hype to Utility
While individual adoption continues to accelerate in Singapore, institutional acceptance has increased equally.
Singapore’s crypto adoption has also gained momentum through key business partnerships. The rising transaction volumes have drawn major companies that now lead payment innovation.
Sony’s recent partnership with Crypto.com to integrate USDC payments on its online store marks a milestone in itself.
This is the first time a major consumer electronics brand in Singapore has embraced direct crypto payments.
By enabling shoppers to pay with USDC, a regulated stablecoin tied to the US dollar, Sony is offering a straightforward, secure method for consumers to utilize digital assets for everyday purchases.
The implementation also prioritizes user experience, with Crypto.com Pay simplifyinf the checkout process for digital asset payments.
Sony’s move into the crypto space aligns with its broader Web3 initiatives that include ambitious projects such as the Soneium blockchain developed by its Blockchain Solutions Lab. Singapore’s Playbook in the Global Crypto Adoption Race
Sony’s moves in the country show Singapore’s growing importance, but the country’s crypto development exists in a wider global race.
The UAE now leads worldwide crypto adoption rates with impressive growth, according to a March report from trading company Atmos.
The UAE’s crypto adoption surged 210% in 2025, with an adoption score of 98.4 out of 100. The country boasts the world’s highest ownership rate at 25.3%.
The country is also set to launch its digital Dirham for retail use.
Despite the UAE’s leadership, Singapore maintains its competitive position globally.
According to Atmos, the city-state experienced 150% growth in crypto adoption with nearly 25% of its population owning digital assets.
The United States has also shown fast adoption of the technology.
With 220% growth, America hosts the world’s largest Bitcoin ATM network, benefiting from a more favorable regulatory environment under the current administration.
Frequently Asked Questions (FAQs)
Businesses have adapted to the increase by adding more crypto payment options. This shift drives fintech innovation, challenges traditional banking and is leading to new regulations and financial products.
Some team up with trusted crypto companies, some offer rewards to shoppers, and others encourage users by offering incentives and highlighting the benefits.
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