Singapore Leading Crypto Payments with 52% of Crypto Holders Paying for Goods in Crypto

Cryptocurrency is gaining momentum as a practical payment method in Singapore, with adoption led by tech-savvy Gen Z and millennials.

Despite lingering challenges such as complexity, limited merchant acceptance, and security concerns, usage is steadily rising alongside transaction volumes.

According to an 8 April report by The Straits Times, crypto ownership in Singapore climbed to 26% in 2024, up from 24.4% the year prior.

Among holders, 52% have already used digital assets for payments, and 67% plan to do so in the future.

Younger generations are at the forefront of this trend, with around 40% of Gen Z and millennials holding crypto.

Their usage patterns reflect everyday practicality: over 41% use it for online shopping, 36% for bill payments, and 27% for in-store purchases.

In contrast, older users—particularly those 45 and above—primarily use crypto for peer-to-peer transfers (43%), followed by online shopping (35.7%) and bill payments (17.2%).

However, barriers remain.

More than 60% of respondents find crypto complicated to use, 60% cite security as a concern, and 54% are frustrated by the lack of merchant support.

Still, the market shows strong momentum.

Data from Chainalysis reveals crypto payments in Singapore surged to nearly $1 billion in Q2 2024—the highest volume in two years—underscoring the growing role of digital assets in everyday financial transactions.

Turning Hype into Value: Brands Embrace Crypto Utility

As individual adoption of cryptocurrency accelerates in Singapore, institutional momentum is keeping pace—propelled by high-profile partnerships and innovative payment integrations.

Major companies are beginning to shape the future of digital payments, with Sony marking a significant milestone through its recent collaboration with Crypto.com.

The partnership introduces USDC—a regulated, dollar-pegged stablecoin—as a direct payment option on Sony’s online store in Singapore, making it the first major consumer electronics brand in the country to accept crypto for purchases.

By integrating Crypto.com Pay, Sony streamlines the checkout process for digital asset users, prioritising both security and user experience.

This move not only reflects the brand’s broader Web3 ambitions—including its Soneium blockchain project—but also highlights Singapore’s strategic role in the evolving global crypto landscape.

While Singapore strengthens its position, it remains part of a broader international race for crypto leadership.

According to a March report by trading firm Atmos, the UAE currently leads in adoption with a 210% surge in 2025 and a near-perfect adoption score of 98.4 out of 100.

The UAE also boasts the highest ownership rate globally at 25.3% and is preparing to launch a retail-focused digital Dirham.

Still, Singapore remains competitive, with a 150% increase in adoption and nearly 25% of its population now owning digital assets.

Meanwhile, the United States has also seen rapid growth—220% according to Atmos—driven by a supportive regulatory environment and the world’s largest network of Bitcoin ATMs.

As institutional players like Sony embrace crypto, Singapore is positioning itself not only as a regional leader but as a central player in the global shift toward mainstream digital asset adoption.