More than 50% of the people in Singapore use crypto for retail payments. Shockingly, the ownership of digital assets here has grown by 26%, as counted on 8th Apr.
According to a report published by The Straits Times, crypto ownership is exponentially growing. In 2023, the proportion was 24.4% only. However more than 50% of the population stocks and transacts in crypto now.
Survey results
A survey was performed by Triple A, a crypto payment company in Singapore. The results of the survey will shock you. The surveyors found that 52% of the crypto holders use their crypto wallets to pay for all FMCG purchases.
What’s more shocking is that 67% of others said that they are also planning to do the same. Can you guess the pace at which crypto use in retail is going to increase in Singapore?
Importance of Gen Z and Millennials
The young crypto owners are the most enthusiastic of all. You will find mostly Gen Z and millennials using crypto in retail exchanges. The most enthusiastic age group is 16 to 44 years. Shockingly, 40% of the population from this age segment holds crypto.
Out of them, at least 50% use crypto wallets regularly. Notably, Singapore is one of the few countries that allow self-conserved crypto wallet interactions. So the users have the liberty to pay when they use crypto for that!
Most Common Crypto Wallet Uses
Out of the crypto holders, 41% use it for online shopping. In Singapore, almost all frontline ecom brands accept crypto payments. So that’s a leverage that pulls a lot of people to pay using crypto.
Similarly, 67% of the rest are also planning to do the same at some point. Out of the rest, 37% said that they use crypto for bill payments only. The remaining 27% use it for in-store purchases.
Some Problems Still Exist
Despite the crypto use rate, 63% of the population says that crypto payments are quite complex. That’s an area that the National Security Exchange has to solve!
