VNExpress-Apr 8
Cryptocurrency ownership and usage are rising in Singapore, with younger users increasingly turning to digital assets for everyday payments, according to a new study by payment firm Triple-A. Based on a survey of 1,006 local residents, the study found that 26% owned cryptocurrencies in 2024, up from 24.4% in 2023, The Straits Times reported. Among crypto holders, 52% have used digital currencies to pay for goods and services, and 67% said they plan to increase such payments in the future. Gen Z and millennials, those aged 16 to 44, are driving the trend, with about 40% reporting crypto ownership.
Within this group, 41.1% use crypto for online shopping, 35.9% for bill payments, and 27% for in-store purchases. Among users aged 45 and above, peer-to-peer transfers were the most common use, with 42.9% using crypto to send money to friends or family. Online shopping followed at 35.7%, and bill payments at 17.2%. The survey also highlighted perceived advantages of crypto payments: 37% cited global acceptance, 29% mentioned faster transactions, and 20% pointed to lower fees, especially for cross-border or time-sensitive transfers. Singapore’s Marina Bay Sands and cryptocurrency icons including Bitcon, Ethereum. However, adoption challenges remain. Some 63% of respondents cited complexity of using crypto as a barrier, while 60% expressed security concerns and 54% noted limited merchant acceptance. Despite these concerns, crypto payments in Singapore surged in the second quarter of 2024, with merchants receiving nearly US$1 billion in digital assets, the highest level in two years, according to blockchain analytics firm Chainalysis. A separate Chainalysis report in September 2024 also noted growing adoption of crypto payments in the country. Read more at:
