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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.
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Singapore's Marina Bay Sands and cryptocurrency icons including Bitcon, Ethereum. Photo from X |
However, adoption challenges remain.
Some 63% of respondents cited the 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.
Local payment provider AXS has partnered with Triple-A to enable users to top up accounts and pay bills in cryptocurrencies such as Bitcoin, Ethereum, USD Coin, and Tether.
Other merchants offering crypto payments through Triple-A include fashion brand Charles & Keith on its e-commerce site and Apple reseller iStudio at retail outlets.
"The combination of regulatory clarity and merchant adoption suggests that Singapore is positioning itself as a major hub for digital assets, which could eventually attract more global businesses and investors," Chainalysis said.
