Best Payment Solutions for Businesses in Singapore Compared

Singapore businesses in 2025 rely on leading payment solutions like Airwallex, Stripe, PayPal, Adyen, Shopify Payments, Opn Payments, Eway, Stax, Tazapay, AXS Checkout, HitPay, and EDP/EDP+. These payment gateway providers in singapore deliver secure, efficient, and integrated options that meet diverse needs. The table below highlights rapid adoption:

Choosing the right payment solutions impacts business growth, customer experience, and operational efficiency. Key criteria include features, fees, security, integration, and support for local payment methods.

• Business growth rises with reduced fees and higher approval rates.

• Customer experience improves through multiple payment methods.

• Operational efficiency increases with local expertise and fast onboarding.

Key Takeaways

• Singapore businesses benefit from diverse payment solutions that support local and international transactions with multiple payment methods.

• Top providers like Airwallex, Stripe, PayPal, and Adyen offer strong security, transparent fees, and easy integration to improve business operations.

• QR code payments and digital wallets are widely adopted, enhancing customer convenience and speeding up transactions.

• Choosing the right payment gateway depends on business size, transaction volume, industry, and customer preferences.

• Transparent pricing and fast settlement times help businesses manage costs and improve cash flow.

• Security features like fraud detection and PCI DSS compliance protect businesses and build customer trust.

• Industry-specific solutions, such as HitPay for retail and integrated POS systems for F&B, help meet unique business needs.

• Staying updated on payment trends and overcoming integration challenges enables businesses to stay competitive and grow in Singapore’s digital economy.

  
  

Top Payment Solutions in Singapore

Leading Payment Gateway Providers in Singapore

Singapore’s business landscape in 2025 features a diverse range of payment gateway providers. These companies deliver robust online payment solutions for e-commerce and brick-and-mortar businesses. The most widely used payment gateway providers in Singapore include:

Many payment gateway providers in Singapore support a wide range of payment methods, including credit cards, e-wallets, and QR code payments, ensuring businesses can meet customer preferences.

Why These Payment Solutions Stand Out

Top payment gateway providers in Singapore distinguish themselves through advanced features, local expertise, and strong security. Businesses choose these payment gateway solutions for several reasons:

• Comprehensive Payment Acceptance: Providers support major credit cards, e-wallets (GrabPay, WeChat Pay), and real-time payments like PayNow and FAST. This broad range of supported payment methods ensures businesses can serve both local and international customers.

• Seamless Integration: Many payment gateway providers offer APIs, plugins, and hosted checkout pages. This flexibility allows e-commerce businesses to implement payment processing quickly and efficiently.

• Enhanced Security: Built-in fraud monitoring and advanced chargeback management protect merchants and customers. Providers like PayPal and Adyen offer strong fraud prevention and two-factor authentication.

• Transparent Pricing: Providers such as Stax and Airwallex use clear pricing models, helping businesses avoid hidden fees.

• Local and International Capabilities: Payment gateway providers in Singapore partner with local card acquirers for lower fees and higher approval rates. They also support multi-currency transactions, making cross-border e-commerce easier.

• Fast Onboarding: Flexible onboarding processes accommodate businesses in regulated or high-risk sectors, allowing rapid payment acceptance.

• Optimized Checkout Experience: Dynamic soft descriptors and localized checkout options help reduce chargebacks and improve customer satisfaction.

Singapore’s e-commerce payment gateway landscape continues to evolve. Businesses benefit from payment gateway providers in Singapore that deliver secure, efficient, and flexible payment acceptance. These payment gateway solutions help companies grow by supporting a wide range of payment methods, optimizing online checkout, and enabling seamless payment processing for both local and international transactions.

Payment Solutions Overview

What Are Payment Solutions?

Payment solutions refer to the systems and services that enable businesses in Singapore to accept, process, and manage payments from customers. These solutions support a wide range of payment methods, making it easier for companies to operate both online and offline. The main types of payment solutions available to businesses in Singapore include:

• Cards (credit and debit): Over 95% of consumers use cards, giving Singapore the highest card penetration rate in Southeast Asia.

• Bank transfers: FAST and PayNow allow instant transfers, with PayNow widely adopted by individuals and businesses.

• QR code payments: The SGQR system unifies multiple QR codes, and the new SGQR+ initiative further enhances interoperability.

• Digital wallets: Usage continues to rise, with penetration expected to reach 94.7% by 2025.

• Cash: Still present but declining as digital payment solutions become more popular.

• Buy Now, Pay Later (BNPL): Platforms like Atome and Grab PayLater offer flexible payment options for e-commerce and retail.

These payment solutions form the backbone of Singapore’s advanced payments ecosystem, supporting both traditional and online payment solutions for businesses of all sizes.

Why Payment Solutions Matter for Singapore Businesses

Payment solutions play a crucial role in the operational success of businesses in Singapore. By integrating advanced payment technologies, companies remove financial friction and focus on growth. Small and medium businesses, which make up over 97% of the market, benefit from seamless and flexible payment solutions that accelerate cash flow. Accepting multiple payment methods, such as credit cards, Apple Pay, and Google Pay, reduces revenue loss and improves settlement times. Businesses can now receive payments in as little as three days, compared to the previous seven-day average.

Payment solutions with robust security features and fraud detection systems help businesses protect sensitive data and maintain customer trust.

Fintech providers in Singapore offer a range of services that contribute to operational efficiency and financial stability:

These services help businesses manage cash flow, maintain stability, and reinvest confidently in growth.

2025 Payment Trends in Singapore

Singapore’s payment market continues to evolve rapidly. The market is projected to grow at a CAGR of 8.74%, reaching $22.57 billion by 2025. Digital payment solutions, especially digital wallets and mobile payments, will process over 60% of payment volume. High smartphone penetration, government support for a cashless society, and the booming e-commerce sector drive this growth.

Key trends for 2025 include:

• Widespread adoption of digital wallets and mobile payments in both ecommerce and retail.

• Increased use of Buy Now, Pay Later services, especially in e-commerce.

• Embedded finance integration, allowing businesses to offer financial services directly within their platforms.

• Enhanced security features and fraud detection systems to address cybersecurity threats and data privacy concerns.

• Expansion of payments acceptance across industries such as entertainment, healthcare, and hospitality.

Major players like DBS Bank, Grab, PayPal, and innovative fintech startups continue to shape the competitive landscape. The Monetary Authority of Singapore provides a stable regulatory environment, encouraging innovation and adoption of secure payment solutions. Businesses that leverage emerging technologies such as blockchain and artificial intelligence will further improve efficiency and security in ecommerce and online payments.

Payment Gateway Comparison Table

Table Summary

Selecting the right payment gateway in Singapore requires a clear understanding of each provider’s strengths and limitations. The table below compares major payment gateway options based on essential criteria: fees, supported payment methods, security, international support, QR code payments, multi-currency capabilities, and integration options. Businesses in Singapore often prioritize payment acceptance flexibility, robust security, and seamless integration with their existing systems.

Businesses should note that not all payment gateways accept every card issuer or payment portal. Compatibility with preferred payment methods remains essential for maximizing payment acceptance and customer satisfaction.

How to Use the Comparison Table

The comparison table helps businesses in Singapore evaluate payment gateway options based on their unique needs. Companies should first identify which supported payment methods align with their customers’ preferences. For example, those serving international shoppers may prioritize gateways with strong multi-currency and cross-border payments support. Merchants focused on local markets might value QR code payments and PayNow integration.

Security stands as a top priority. Providers with PCI DSS compliance and advanced fraud detection tools offer greater protection for credit card payments and other transactions. Integration options also matter. Businesses should choose payment gateways that connect easily with their e-commerce platforms or accounting software to streamline operations.

Fees can impact profitability. Companies must compare domestic and international transaction costs, as well as conversion fees, to avoid unexpected expenses. Some gateways offer transparent pricing, while others use complex models like Interchange++. Reviewing these details ensures informed decisions.

Businesses can stack multiple payment gateways to expand payment acceptance and reduce friction at checkout. This approach supports a wider range of supported payment methods and enhances the customer experience.

By using the table, companies can match payment gateway features to their operational requirements, ensuring secure, efficient, and flexible payments for both local and international customers.

Reviews of Top Payment Gateway Providers in Singapore

Airwallex

Features

Airwallex stands out as a payment gateway provider with a strong focus on global business needs. The platform supports over 160 local and international payment methods, including Mastercard, Visa, Amex, UnionPay, and JCB. Businesses can open multi-currency accounts, collect payments in various currencies, and make global payouts efficiently. Airwallex offers robust APIs, plugins for popular e-commerce platforms, and hosted checkout pages. Security remains a top priority, with PCI DSS compliance and advanced fraud monitoring tools. The payment processor also provides real-time transaction tracking and detailed analytics, helping businesses optimize their payment processing strategies.

Pricing

Airwallex uses a transparent pricing model. Domestic transactions incur a fee of 3.3% plus S$0.50 per transaction. International transactions cost 3.6% plus S$0.50. The platform does not charge setup or monthly fees, making it attractive for startups and SMEs. Currency conversion rates remain competitive, and businesses benefit from clear, upfront costs without hidden charges.

Pros & Cons

Airwallex has received over 450 Trustpilot reviews, with 75% being 5-star ratings. This high level of user satisfaction reflects its reliability and popularity among Singapore SMEs. The company operates under the Monetary Authority of Singapore (MAS) regulation, which adds to its credibility as a payment gateway provider.

Unique Points

Airwallex enables businesses to manage international payments seamlessly. The platform’s global payout capabilities and multi-currency accounts set it apart from many other payment processors. Its transparent pricing and regulatory compliance make it a dependable choice for Singapore businesses seeking a scalable e-commerce payment gateway.

Stripe

Features

Stripe has become a leading payment gateway for businesses in Singapore due to its flexible API and wide range of integrations. The platform supports over 100 payment methods, including credit cards, PayNow, and Buy Now, Pay Later options. Stripe’s payment processor handles recurring billing, subscription management, and invoicing. Businesses can access advanced fraud detection, PCI DSS compliance, and customizable checkout experiences. Stripe also offers detailed reporting and analytics, which help companies monitor payment gateway performance and customer trends.

Pricing

Stripe charges 3.4% plus S$0.50 per domestic transaction. International transactions cost 3.9% plus S$0.50, with an additional 2% currency conversion fee for cross-border payments. There are no setup or monthly fees. Stripe’s pricing structure appeals to e-commerce businesses that value predictability and transparency in payment processing costs.

Pros & Cons

Stripe’s flexibility and developer-friendly tools make it a preferred payment gateway for tech-savvy businesses. The platform’s support for local payment methods, such as PayNow, enhances its appeal in Singapore’s digital economy.

Unique Points

Stripe’s e-commerce payment gateway excels in customization and scalability. The platform’s robust API allows businesses to tailor payment flows and integrate with a wide range of platforms. Stripe’s focus on innovation and security positions it as a top payment processor for both startups and established enterprises in Singapore.

PayPal

Features

PayPal remains a trusted payment gateway provider for businesses in Singapore. The platform supports major credit cards, digital wallets, and international currencies. PayPal offers a user-friendly interface, strong buyer protection, and advanced risk management tools. Businesses can accept payments through websites, email, and social media channels. The payment processor also provides invoicing, mass payouts, and a mobile app for account management. PayPal’s analytics and reporting features help businesses track sales and customer behavior.

PayPal’s versatility supports a wide range of business activities:

• Receiving payments both domestically and internationally

• Selling online through websites, email, and social media

• Sending payments to vendors and contractors

• Requesting payments and preparing invoices

• Using PayPal Payouts for mass payments

• Managing accounts via the PayPal app

• Benefiting from fraud protection and risk management tools

• Utilizing the PayPal resolution center for customer service

• Withdrawing funds to SGD or USD bank accounts or cards

• Accessing reports and insights on customer and business data

Pricing

PayPal charges 3.9% plus S$0.50 for domestic transactions. International transactions cost 4.4% plus S$0.50, with additional currency conversion fees. There are no setup or monthly fees. The pricing structure suits businesses that value global reach and a familiar checkout experience.

Pros & Cons

Many Singaporean businesses use PayPal for social selling, cross-border trade, and seamless checkout experiences. Over half of SMBs leverage social media as a selling channel, and 67% engage in international trade, making PayPal a valuable payment gateway for expanding reach.

Unique Points

PayPal’s e-commerce payment gateway offers unmatched global acceptance and a familiar interface for customers. The platform’s focus on security, buyer protection, and cross-border capabilities makes it a top choice for businesses aiming to grow both locally and internationally. PayPal’s integration with social media and online marketplaces further enhances its value as a payment processor in Singapore.

Adyen

Features

Adyen delivers a unified payment platform designed for scalability and global commerce. The system supports over 100 local and international payment methods, including credit cards, e-wallets, and alternative options. Merchants can manage online, in-store, and mobile payments through a single interface. Adyen’s platform integrates gateway, processor, and acquirer roles, streamlining operations and compliance.

Security stands as a core strength. Adyen holds PCI DSS Level 1 certification, the highest standard in payment security. The platform uses tokenization and encryption to protect cardholder data. Merchants benefit from advanced fraud prevention tools, including RevenueProtect, which leverages machine learning for real-time risk scoring. Adyen also provides strong customer authentication tools that comply with regulations like PSD2.

Key features include:

• Omnichannel payment acceptance

• Real-time data insights and reporting

• Customizable risk rules for fraud prevention

• Seamless integration with e-commerce and POS systems

• Global acquiring licenses, including Singapore

Pricing

Adyen uses an Interchange++ pricing model. Domestic transactions typically incur a fee of €0.11 (about S$0.19) plus the applicable interchange and scheme fees. International transaction fees vary based on card type and region. Adyen does not charge setup or monthly fees, making it suitable for businesses seeking transparent, usage-based costs. The pricing structure can become complex, especially for merchants processing high volumes or multiple payment types.

Pros & Cons

Unique Points

Adyen distinguishes itself with its robust security posture and regulatory alignment. The platform’s integration of gateway, processor, and acquirer roles enhances both security and compliance. Merchants can offload PCI scope, reducing their compliance burden. Adyen’s advanced fraud prevention suite and customizable risk controls help businesses balance security and conversion rates. Its global reach and scalability make it a preferred choice for large enterprises and fast-growing companies in Singapore.

Shopify Payments

Features

Shopify Payments offers a seamless payment solution built directly into the Shopify e-commerce platform. Merchants can accept major credit and debit cards, as well as digital wallets, without relying on third-party gateways. The system provides built-in fraud analysis, real-time reporting, and automatic order reconciliation. Shopify Payments supports recurring billing, refunds, and chargebacks, simplifying financial management for online stores.

Integration in Singapore centers on the partnership with iPay88, a payment gateway tailored for the local market. This collaboration enables Shopify merchants to process payments securely and efficiently, supporting credit cards, e-wallets, and online banking. The integration process requires minimal technical knowledge, making it accessible for businesses of all sizes.

Shopify Payments streamlines the checkout experience, reducing friction and improving conversion rates for Singapore merchants.

Pricing

Shopify Payments’ fees vary by subscription plan. Domestic credit card rates typically range from 3.2% to 3.4% per transaction. International cards incur an additional 1.5% to 2% conversion fee. Shopify does not charge setup fees, but merchants must subscribe to a Shopify plan. The transparent pricing structure helps businesses forecast payment processing costs.

Pros & Cons

Unique Points

Shopify Payments stands out for its deep integration with the Shopify ecosystem. Merchants benefit from a unified dashboard, streamlined reconciliation, and automatic fraud checks. The partnership with iPay88 ensures local payment support in Singapore. However, Shopify Payments does not integrate with other e-commerce platforms in the region, focusing exclusively on Shopify stores. This makes it an optimal choice for businesses committed to the Shopify environment.

Opn Payments

Features

Opn Payments delivers a flexible payment gateway tailored for Singapore businesses. The platform supports a wide range of payment methods, including credit cards, PayNow, and QR code payments. Merchants can accept payments both online and in-store, expanding their reach to customers who prefer cashless transactions.

Opn Payments integrates PayNow and card payments into a single API suite, enabling seamless checkout experiences. The PayNow dynamic QR solution automatically pre-fills transaction details, reducing errors and simplifying reconciliation. Merchants can monitor transactions in real time, process refunds, and manage chargebacks through an intuitive dashboard.

Key features include:

• Dynamic QR code generation for PayNow payments

• Support for online, in-store, and kiosk payment flows

• Customizable metadata for enhanced reporting

• Developer-friendly API and plugins for easy integration

• Real-time transaction monitoring and analytics

Pricing

Opn Payments charges 3.3% plus S$0.30 per domestic transaction. International transaction fees vary based on payment method and region. The platform does not require setup or monthly fees, making it accessible for small and medium businesses. Merchants benefit from competitive rates and transparent billing.

Pros & Cons

Unique Points

Opn Payments excels in supporting local payment methods such as PayNow and dynamic QR codes. Merchants can offer customers a fast, secure, and convenient payment experience, both online and offline. The dynamic QR solution pre-fills payment details, reducing manual input and errors. Over 200 merchants across diverse industries use Opn Payments’ PayNow solution, demonstrating its practical adoption in Singapore. The platform’s focus on local integration and ease of use makes it a strong choice for businesses targeting Singapore’s digital-first consumers.

Eway

Features

Eway provides a simple and user-friendly payment gateway for businesses in Singapore. The platform integrates with over 250 e-commerce platforms, making it a flexible choice for online merchants. Eway delivers reliable and secure fraud protection through its built-in Beagle Lite system. Merchants benefit from 24/7 technical support, ensuring assistance is always available. The gateway enables fast integration via iframe and supports token payments for recurring billing. Eway operates in multiple countries, including Singapore, Australia, New Zealand, Hong Kong, and Macau, which helps businesses expand regionally.

Pricing

Eway charges commission fees for international payments at 3.4% plus S$0.40 per transaction. This rate is higher than some other gateways in Singapore, especially for cross-border transactions. Domestic transaction fees are generally more competitive, but businesses with significant international sales may find the costs add up quickly. Eway does not charge setup fees, and merchants can access all features without hidden costs.

Pros & Cons

• Pros:

  • Simple and user-friendly interface

  • Integration with over 250 e-commerce platforms

  • Reliable fraud protection with Beagle Lite

  • 24/7 technical support

  • Fast integration and token payment support

• Cons:

  • Higher commission fees for international payments

  • May not be the most cost-effective option for businesses with high cross-border volumes

Eway’s strong support and ease of use make it a popular choice for small and medium-sized businesses seeking a straightforward payment gateway.

Unique Points

Eway stands out for its seamless integration capabilities and robust fraud protection. The Beagle Lite system provides merchants with peace of mind by monitoring transactions for suspicious activity. The platform’s availability across several Asia-Pacific markets allows businesses to scale regionally without changing providers. Eway’s commitment to 24/7 support ensures that merchants receive timely help whenever needed.

Stax

Features

Stax targets established businesses in Singapore that process high transaction volumes. The platform offers advanced proprietary business management software, including invoicing, reporting, and analytics tools. Stax supports a wide range of hardware options, such as Dejavoo, Clover, and SwipeSimple, giving merchants flexibility in their point-of-sale setup. The payment gateway uses Authorize.net for secure transaction processing. Stax also provides a free mobile app with offline mode and full POS capabilities, making it suitable for both online and brick-and-mortar businesses.

Pricing

Stax uses a subscription-based pricing model. Merchants pay a $99 monthly fee, plus 8¢ per in-person transaction and interchange fees. This structure benefits businesses processing $8,000 or more each month. Compared to other gateways, such as Payment Depot, which offers no monthly fee but higher percentage-based transaction fees, Stax’s model favors high-volume merchants who want predictable costs and advanced features.

Stax’s pricing and feature set make it ideal for established businesses that value advanced management tools and lower transaction fees at higher volumes.

Pros & Cons

• Pros:

  • Predictable subscription pricing for high-volume merchants

  • Advanced business management and analytics tools

  • Wide selection of hardware options

  • Free mobile app with full POS features

  • Fast payouts (next business day)

• Cons:

  • High monthly fee may not suit small or low-volume businesses

  • More complex setup compared to entry-level gateways

Unique Points

Stax differentiates itself with its subscription-based pricing and robust business management software. The platform’s advanced analytics and invoicing tools help merchants streamline operations and gain deeper insights into sales performance. Stax’s wide hardware compatibility and next-day payouts further enhance its appeal for established businesses seeking efficiency and scalability.

Tazapay

Features

Tazapay specializes in cross-border payments for Singapore businesses. The platform enables payment acceptance from over 170 countries and supports payouts to more than 80 markets. Tazapay offers multi-currency collection accounts in over 35 currencies, allowing customers to pay in their local currency and reducing foreign transaction costs. The gateway supports local payment methods popular in emerging markets, such as PIX in Brazil, UPI in India, and GrabPay in Southeast Asia. Tazapay enhances transaction security with escrow services, holding funds until both parties fulfill their obligations. The platform also includes buyer protection features and verification processes to build trust in international transactions.

Pricing

Tazapay uses a quote-based pricing model for foreign exchange rates and transaction fees. While this approach provides flexibility, it may result in less transparency compared to fixed-fee gateways. Some manual processes remain, but businesses can combine Tazapay with solutions like Wise Business to optimize currency conversion and cash management.

Pros & Cons

• Pros:

  • Extensive global reach for payment acceptance and payouts

  • Supports local payment methods in emerging markets

  • Multi-currency collection accounts reduce FX costs

  • Escrow and buyer protection features enhance trust

  • Simplifies compliance with cross-border regulations

    
    

• Cons:

  • Quote-based FX rates may lack transparency

  • Some manual processes in onboarding and reconciliation

Tazapay’s focus on cross-border security and compliance makes it a strong choice for Singapore SMEs expanding internationally.

Unique Points

Tazapay stands out for its ability to facilitate secure, trusted cross-border transactions. The platform’s escrow services and buyer protection features address common concerns in international trade. By supporting local payment methods and multi-currency accounts, Tazapay helps Singapore businesses reach new markets and reduce payment friction. The platform is especially valuable for SMEs, e-commerce businesses, SaaS providers, import/export traders, and freelancers working with global clients.

AXS Checkout

Features

AXS Checkout provides a comprehensive payment gateway designed for Singapore’s retail and e-commerce businesses. The platform supports a wide range of local payment methods, including credit and debit cards, PayNow, and SGQR. Merchants can accept payments both online and at physical locations. AXS Checkout integrates with popular e-commerce platforms and offers APIs for custom solutions. The system includes real-time transaction monitoring, automated reconciliation, and detailed reporting tools. Merchants benefit from robust security features, such as PCI DSS compliance and fraud detection.

Pricing

AXS Checkout uses a transparent pricing model. Domestic transactions typically incur a fee of 2.8% plus S$0.30 per transaction. International payments may have higher fees, depending on the payment method and currency. The platform does not charge setup or monthly maintenance fees, making it accessible for small and medium-sized businesses. Merchants can request custom quotes for high-volume or enterprise needs.

Pros & Cons

Unique Points

AXS Checkout stands out for its deep integration with Singapore’s payment ecosystem. The platform’s support for PayNow and SGQR ensures merchants can serve customers who prefer cashless and QR code payments. AXS Checkout’s focus on local payment acceptance makes it a strong choice for businesses targeting Singapore’s domestic market. The system’s user-friendly interface and automated reconciliation help merchants save time and reduce errors.

HitPay

Features

HitPay has become a popular payment gateway among Singaporean merchants due to its wide range of supported payment methods and seamless integrations. The platform enables businesses to accept payments online and in person, supporting credit and debit cards, PayNow, and digital wallets like Apple Pay and Google Pay. HitPay also integrates with major e-commerce platforms such as Shopify, Wix, and WooCommerce, allowing merchants to set up payment acceptance quickly.

• HitPay partnered with NPCI International Payments Limited to integrate Unified Payments Interface (UPI) into its platform.

• Singaporean merchants can now accept UPI payments both online and offline, reaching over 450 million Indian users.

• This integration helps merchants save on international credit card fees and caters to Indian tourists, a significant visitor segment in Singapore.

• HitPay supports over 50 UPI payment apps, including BHIM, Google Pay, PhonePe, and Paytm.

• Merchants can activate UPI payments for point-of-sale and e-commerce transactions.

• The platform also supports regional payment options such as PayID (Australia), PromptPay (Thailand), QRIS (Indonesia), VietQR (Vietnam), and WeChat Pay (China).

• HitPay plans to expand further with new payment options like DuitNow (Malaysia) in 2025.

• Over 9,000 Singaporean merchants have integrated UPI payments through HitPay, benefiting retail, hospitality, and tourism sectors.

• The integration eliminates the need for a local business entity and reduces processing fees by up to 50% compared to traditional card payments.

HitPay provides no-code tools and comprehensive APIs, making setup easy for businesses of all sizes. The platform enhances checkout processes and security, reducing cart abandonment and fraud. Merchants can handle both online and in-person payments efficiently.

Pricing

HitPay offers competitive and transparent pricing. Domestic transactions using PayNow or UPI typically incur a fee of 0.8% per transaction. Credit and debit card payments are charged at 2.9% plus S$0.30 per transaction. The platform does not require setup or monthly fees, making it attractive for small businesses and startups. International card payments may have higher fees, depending on the payment method.

Pros & Cons

Unique Points

HitPay’s integration with UPI and other regional payment systems sets it apart in Singapore’s payment landscape. Merchants can reach a large base of Indian consumers and tourists, saving on processing costs. The platform’s support for PayNow and other local favorites aligns with Singapore’s payment preferences. HitPay’s no-code tools and APIs make it accessible for businesses without technical expertise. The company’s focus on expanding payment options ensures merchants stay ahead of evolving customer needs.

EDP and EDP+

Features

EDP and EDP+ represent new payment solutions launched by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) in mid-2025. These platforms support the transition from cheque payments to e-payments for both corporate and retail users. EDP addresses post-dated payments, a use case not commonly covered by other payment solutions. EDP+ caters to transactions that require greater certainty of payment, offering features beyond typical instant payment methods.

Both solutions integrate into existing digital banking platforms. They leverage PayNow infrastructure, allowing payers to conveniently identify payees during transactions. This integration streamlines payment processes and enhances user experience for businesses and individuals.

Pricing

EDP and EDP+ follow a bank-driven pricing model. Fees depend on the participating bank and the type of transaction. Most banks offer competitive rates to encourage adoption of these new solutions. There are no setup fees for businesses already using digital banking platforms. Transaction fees remain transparent, with detailed breakdowns provided by each bank.

Pros & Cons

Unique Points

EDP and EDP+ differentiate themselves by addressing niche payment needs in Singapore. EDP enables post-dated payments, which many other solutions do not support. EDP+ provides greater certainty of payment, making it suitable for transactions that require assurance. Both platforms integrate seamlessly with PayNow and digital banking, offering a familiar and secure experience. Their launch marks a significant step in Singapore’s move toward a fully digital payment ecosystem, especially for businesses transitioning away from cheques.

Choosing the Right Payment Solution

Assessing Business Needs

Every business in Singapore must start by evaluating its unique requirements before selecting a payment gateway for businesses. Transaction volume plays a critical role. Companies need to determine if they fall under the Standard Payment Institution (SPI) or Major Payment Institution (MPI) license category. SPI licenses suit businesses with monthly transaction volumes below S$3 million for a single service or S$6 million for multiple services. MPI licenses become necessary for higher volumes or when offering multiple payment services.

Other important factors include business incorporation status, local presence, and governance. Singapore requires at least one executive director who is a citizen or permanent resident. Companies should also review minimum base capital requirements—S$100,000 for SPI and S$250,000 for MPI. Legal advice helps clarify if a business model overlaps with regulated payment services under the Payment Services Act (PSA).

To ensure secure transactions, businesses must:

• Obtain a license from the Monetary Authority of Singapore (MAS)

• Implement robust security features like multi-factor authentication and data encryption

• Comply with AML/CFT regulations and maintain accurate records

• Regularly review internal policies and conduct risk assessments

Submitting a legal opinion and undergoing independent external audits can help businesses meet regulatory standards and strengthen consumer protection.

Matching Features to Business Models

Singapore’s e-commerce landscape demands that businesses align payment solution features with their operational needs. For example, integrating “Pay with Pace” into Shopify platforms allows e-commerce businesses to offer flexible, secure payment methods that match local consumer preferences. Features such as interest-free installments, advanced security, and automated reminders reduce cart abandonment and boost competitiveness.

A structured approach helps businesses match features to their models:

1. Identify if the business sells locally or globally, operates in a high-risk sector, or needs recurring billing.

2. Look for key features:

   • Multi-currency and cross-border support

   • Security compliance (PCI DSS, 3D Secure, tokenization, fraud detection systems)

   • Integration options (APIs, plugins for WooCommerce or Shopify)

   • Fast settlement times and transparent pricing

3. Choose providers based on business type:

   • High-risk: PayCly, Worldpay

   • Local retail: GrabPay, DBS PayLah!

   • Freelancers/startups: PayPal, Stripe

   • Subscription: Stripe, PayCly

   • B2B: 2C2P, Worldpay

   • SMEs: HitPay, FavePay

Regulatory compliance remains essential. Providers must hold a MAS license and offer strong security features.

Cost and Fee Considerations

Understanding the cost structure of payment solutions helps businesses manage expenses and maximize profits. Typical fees in Singapore include:

• Merchant Discount Rate (MDR): 1.2% to 3% per transaction, depending on card type and industry

• Foreign Exchange (FX) Fees: Charged for currency conversion on international transactions

• Settlement Charges: Fees for transferring funds to the merchant’s bank

• Additional Fees: Chargebacks, refunds, monthly or setup fees, and terminal rental for physical card readers

Merchants can negotiate better rates by comparing providers, bundling services, and requesting volume discounts. Transparency in pricing prevents unexpected costs.

Businesses should always clarify hidden fees and review settlement times to ensure smooth cash flow.

Industry-Specific Recommendations

Selecting the right payment solution depends heavily on the industry in which a business operates. Each sector in Singapore faces unique challenges and customer expectations. Payment providers have responded by tailoring their offerings to address these specific needs.

Retail and E-Commerce
Retailers and online merchants in Singapore benefit from platforms that offer flexibility, integration, and financial support. HitPay stands out for its seamless integration with popular e-commerce platforms such as Shopify and WooCommerce. Merchants can customize checkout pages and accept a wide range of payment methods, including digital wallets and international cards. Choco Payment offers an innovative approach by combining payment processing with revenue-based financing. This feature helps e-commerce businesses manage cash flow and access growth funding while maintaining secure payment operations. These solutions empower retailers to deliver smooth customer experiences and support business expansion.

Food and Beverage (F&B)
The F&B sector requires fast, reliable, and contactless payment options. Integrated POS systems like SGDataPOS paired with Ingenico terminals provide a comprehensive solution. Businesses can process contactless payments, manage real-time inventory, schedule staff, and handle online orders from a single platform. This integration streamlines operations and enhances customer satisfaction, especially during peak hours. Payment solutions such as PayPal, HitPay, and GrabPay also serve the F&B industry well. PayPal supports multiple payment types, including online payments, cards, digital wallets, and QR codes. HitPay offers POS features with inventory tracking, customizable checkout, and automated invoicing. GrabPay appeals to F&B businesses with its large user base, PayLater installment options, next-day settlements, and secure transactions.

Popular Payment Methods for F&B and Retail

Businesses in tourist-heavy areas often adopt AliPay and WeChat Pay to cater to Chinese visitors. These platforms require third-party providers for currency conversion but open new revenue streams.

Bank-based apps like PayNow, supported by major banks such as OCBC, UOB, and DBS, allow easy linkage to corporate accounts and automatic daily settlements. This feature simplifies reconciliation and improves cash flow for small and medium enterprises.

When choosing a payment solution, businesses should consider customer demographics, transaction volume, and operational needs. Retailers and e-commerce merchants may prioritize integration and financing options, while F&B operators often value speed, contactless payments, and loyalty features. By aligning payment solutions with industry requirements, Singapore businesses can enhance efficiency, improve customer satisfaction, and drive sustainable growth.

Payment Trends and Challenges in Singapore

Rise of QR Code Payments

Singapore has become a global leader in the adoption of QR code payments. Businesses across the country, from large retailers to small hawker stalls, now use QR codes as a primary way to accept payments. This shift began with the introduction of PayNow, a digital payment system that relies heavily on QR codes. PayNow enables instant, cashless transactions and is available free of charge to retail customers. Its widespread acceptance among banks, non-bank financial institutions, and merchants has driven high adoption rates.

The government-backed Network for Electronic Transfers (NETS) launched the Singapore Quick Response Code (SGQR) to unify e-payments under a single standard. SGQR allows even the smallest merchants to accept digital payments without complex setup. This initiative has made it easy for businesses to offer QR code payment methods, supporting seamless integration into daily operations. Merchants in Singapore recognize the importance of providing multiple payment methods to meet consumer preferences and stay competitive. As a result, QR code payments have become common, even among street food vendors and small businesses.

Consumer behavior in Singapore also supports this trend. Nearly 97% of consumers now choose cashless payment methods, including QR code payments, over traditional cash. This high rate of consumer adoption creates a strong environment for businesses to implement QR code payment methods. As of 2022, 59% of respondents in Southeast Asia reported using QR code payments, and Singapore’s adoption rate continues to outpace the region. The mature digital infrastructure and strong government support have positioned Singapore as a model for QR code payment integration.

Security remains a top priority for both businesses and consumers. QR code payment systems in Singapore include advanced security features such as encryption, tokenization, and real-time fraud monitoring. These security features protect sensitive data and ensure safe transactions. Merchants benefit from robust security features that reduce the risk of fraud and unauthorized access. Payment providers regularly update their security features to address emerging threats and maintain trust in digital payments.

The rise of QR code payments has transformed the payments landscape in Singapore. Businesses now enjoy faster settlements, lower transaction costs, and improved customer experiences. The combination of government initiatives, consumer demand, and strong security features ensures that QR code payments will remain a key part of Singapore’s digital economy.

Overcoming Integration and Security Challenges

Singapore businesses face a complex landscape when integrating payment solutions and maintaining robust security. Many companies still depend on traditional wire and bank transfers. This reliance often leads to payment delays, which disrupt cash flow and reduce operational efficiency. High cross-border transaction fees also present a significant challenge. Nearly 43% of B2B firms in Singapore pay between US$10 and US$25 per international transaction, a rate higher than the regional average. These costs can erode profit margins, especially for small and medium-sized enterprises.

Digital transformation remains a top priority. Almost half of Singapore businesses believe that better fintech solutions are essential for overcoming payment challenges. The government actively encourages digitization, pushing companies to adopt modern payment technologies. Fintech providers, such as Rapyd, now offer unified platforms that support multiple payment methods and faster onboarding. These platforms help businesses streamline operations and reduce manual processes.

Security concerns have grown alongside digital adoption. Reports of rising fraudulent activities in digital transactions, including scams through PayNow, highlight the need for secure payment platforms. Merchants require reliable systems to protect against fraud and maintain customer trust. Despite these risks, businesses continue to embrace contactless digital payments to meet changing consumer preferences. Studies show that 55% of consumers use mobile payment apps, 50% rely on mobile wallets, and 36% prefer contactless cards. Integrated point-of-sale (POS) systems have become essential for small businesses, supporting cashless transactions and improving customer experiences.

Several key challenge areas stand out for Singapore businesses:

To address these challenges, businesses invest in advanced fraud detection systems powered by artificial intelligence and machine learning. They also educate staff and customers on safe payment practices. Many companies upgrade legacy systems to integrate with new payment networks and technologies. This approach helps them stay competitive and resilient in a rapidly evolving market.

Businesses that prioritize both seamless integration and strong security can build trust with customers and unlock new growth opportunities in Singapore’s digital economy.

Singapore offers a wide range of payment solutions for every business. Each provider brings unique strengths, from local integration to global reach. Companies should review their needs, compare features, and select the best fit.

Next steps: Contact providers for demos or try trial accounts.
Staying informed about payment trends in Singapore helps every business stay competitive and secure.

FAQ

What is a payment gateway, and why does a business need one?

A payment gateway processes online transactions securely. It connects a business’s website or POS system to banks and payment networks. Businesses use gateways to accept credit cards, e-wallets, and other digital payments, ensuring fast and secure customer transactions.

Which payment methods are most popular in Singapore?

Singapore consumers prefer credit cards, PayNow, QR code payments, and digital wallets like GrabPay and Apple Pay. Businesses that offer these options meet customer expectations and increase sales opportunities.

How can a business choose the best payment solution?

A business should assess transaction volume, customer preferences, integration needs, and security requirements. Comparing fees, supported payment methods, and local support helps identify the most suitable provider.

Are payment gateways in Singapore secure?

Most leading gateways in Singapore use PCI DSS compliance, encryption, and fraud detection tools. These features protect sensitive data and reduce the risk of unauthorized transactions.

Can a business accept international payments with local gateways?

Yes. Many Singapore payment gateways support multi-currency transactions and cross-border payments. Providers like Airwallex, Stripe, and PayPal help businesses reach global customers.

What are typical fees for payment gateways in Singapore?

Fees vary by provider and payment method. Domestic transactions usually cost 2.5% to 3.5% per transaction. International payments may include extra charges for currency conversion and cross-border processing.

How quickly do businesses receive funds from payment gateways?

Settlement times depend on the provider. Most gateways transfer funds within one to three business days. Some offer next-day payouts for local transactions.

Do payment gateways support QR code and PayNow payments?

Yes. Many gateways, such as HitPay, Opn Payments, and AXS Checkout, support QR code and PayNow payments. These options help businesses serve local customers who prefer cashless transactions.