More than half of Singapore holders are using digital assets for payments as crypto ownership climbs to 26%, survey reveals.

More people in Singapore are owning and using cryptocurrency, especially for payments, The Straits Times reports, citing a new survey by crypto payment firm Triple-A. The data shows that crypto ownership rose to 26% in 2024, up from 24.4% in 2023.

Among these holders, around 52% said they have used crypto to pay for goods and services, while 67% said they plan to use it more often in future.

Younger crypto owners, such as Gen Zs and millennials aged 16 to 44, lead in adoption as about 40% of them hold crypto. Within this group, over 41% use it for online shopping, while nearly 36% for bill payments and 27% for in-store purchases, the data shows.

Older users, those 45 and above, seem to use crypto more for peer-to-peer transfers. Among them, almost 43% per cent use it for sending funds to friends and family, while 35.7% use it for online shopping and more than 17.2% for bill payments.

Despite the high rate of crypto usage for payments, challenges remain. The report notes that the complexity involved in using crypto was the top challenge cited by 63% of respondents, followed by security concerns 60% and lack of merchant acceptance 54%.

In February, Coin Insider Daily reported that Singaporean department store chain Metro plans to accept stablecoin payments both in-store and online through Metro Mall. The retailer previously partnered with local crypto payments firm DTCPAY to support transactions using stablecoins such as Tether’s USDT (USDT) and Circle’s (USDC).