Crypto payments becoming a trend among Singaporeans

November 4, 2021

By Techwire Asia

In Singapore, more Singaporeans have been reported to be investing in cryptocurrencies or using them to pay. In fact, 37% of Singaporeans were found to be paying or interested in paying for purchases with cryptocurrencies, according to the latest Worldpay from FIS’ Generation Pay research. The research explores the spending habits, purchasing experiences, and payment preferences across different generations, from Gen Z to baby boomers.

A considerable percentage of Singaporeans (37%) were found to be paying or interested in paying for purchases with cryptocurrencies, according to the latest Worldpay from FIS’ 2021 Generation Pay research, which explores the spending habits, purchasing experiences, and payment preferences across different generations, from Gen Z to baby boomers. Gen Y (58%) is the most open and boomers (16%) are the least open in crypto payments.

On the whole, findings showed that central bank digital currencies CBDCs (23%) are preferred over cryptocurrencies (11%) when it comes to using digital currencies as a form of payment. Another 22% indicated they have no preference and are willing to use both to pay. At a generational level, Gen Zs (18%) is the least interested in CBDCs. 24% said they have no preference and will use both CBDCs and cryptocurrencies. Similarly, a high number of Gen Ys (29%) said they have no preference and will use both CBDCs and cryptocurrencies.

Phil Pomford, General Manager for Global eCommerce, APAC, WorldPay from FIS believes that the world is currently in the second wave of wide crypto buying, with quite a bit of institutional money entering the market, but still a few years out from mainstream cryptocurrency usage. However, he pointed out that various challenges still exist within the ecosystem. For instance, in APAC, Phil explained that crypto merchants are struggling to navigate new regulations or find a partner bank in the region.

Copyright © 2021 Techwire Asia

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