payment gateway singapore

In today’s digital age, the role of e-commerce payment gateways in Singapore has become increasingly pivotal for business success. This significance is underpinned by a burgeoning market, with Bloomberg’s report indicating a staggering 311% growth in the Southeast Asian e-wallet sector from 2020 to 2025

This growth trajectory is particularly notable in Singapore, where despite a high card penetration rate, the number of e-wallet users has impressively exceeded 4 million. This surge reflects the local population’s openness and adaptability to emerging payment technologies, highlighting a shift in consumer payment preferences. Amidst this evolving landscape, Singaporean businesses face the critical task of selecting the most suitable payment gateway. 

This choice is not just about facilitating transactions but also about aligning with consumer trends and preferences. The rise of e-wallets like GrabPay and DBS PayLah! in Singapore exemplifies this trend. As such, businesses must carefully evaluate these gateways to ensure they align with both their operational needs and customer expectations.

What Is a Payment Gateway?

A payment gateway is a crucial component of your online business, as it facilitates secure and seamless transactions between your customers and your platform. It acts as a bridge, connecting your customer’s payment method (e.g. e-wallet or credit card payments) to your merchant account, ensuring that the funds are transferred safely and efficiently.

Key features of payment gateways:

  • Supporting multiple payment methods
  • Providing flexible pricing plans and transaction fees
  • Integrating with popular e-commerce platforms
  • Delivering robust security measures such as encryption and fraud detection.

Payment gateways play a crucial role in the e-commerce ecosystem, ensuring secure and efficient transactions. They are equipped with fraud prevention tools to protect both the merchant and the customer from unauthorized transactions. Additionally, payment gateways can handle different payment methods, including credit and debit cards, e-wallets, and sometimes even cryptocurrencies, making them versatile for various business needs.

To choose the best payment gateway for your business, you’ll need to consider factors such as transaction costs, ease of setup, compatibility with your existing systems, and scalability. Furthermore, it’s essential to evaluate the payment gateway’s performance in terms of speed, reliability, and customer support.

10 Best Payment Gateways in Singapore

stripe logo

1. Stripe

Stripe is a popular payment gateway in Singapore, supporting millions of businesses worldwide. Founded in 2010, it has grown to be a leading name in payment processing and e-commerce services. With Stripe, you can accept payments online, in person, and around the world, which can help your Singapore-based business expand and scale.

Pros:

    • Wide range of payment options, including credit cards, debit cards, local wallets, and bank transfers.
    • Supports various payment methods, such as PayNow, a Singapore-based payment method with a QR code.
    • Integration with popular e-commerce platforms and easy-to-use API for custom needs.

Cons:

    • Transaction fees may be higher than some competitors.
    • May require technical knowledge to set up custom solutions.
    • Stripe is known to monitor accounts closely for any unusual activity, and there have been instances where accounts were frozen or closed due to perceived risks, causing inconvenience to the merchants

Top 3 Key Features

  • Stripe supports accepting payments from customers around the world, which allows you to grow your revenue without being confined to Singapore.
  • With its seamless integration with various e-commerce platforms, SDKs, and plug-ins, Stripe allows you to set up payment processing quickly and effortlessly.
  • Stripe offers a high level of security with its comprehensive suite of anti-fraud tools and PCI-compliant processes.

Fees: Transaction fees start at 3.4% + S$0.5 for card payments

dbs paylah logo

2. DBS PayLah

DBS PayLah is a popular mobile payment app in Singapore, designed to make your day-to-day transactions convenient and seamless. Expanding your online business to Singapore requires a reliable payment gateway, and DBS PayLah can be a great choice to cater to your clients’ payment needs.

Pros:

    • Convenient and easy to use
    • Wide range of features
    • Secure and trusted platform
    • Directly linked to DBS banking services, allowing for efficient account management.
    • Often provides attractive promotions and discounts to users.

Cons:

    • Limited to Singapore users
    • Requires PayLah app installation for customers
    • Requires DBS Bank Account for full features
    • Customer support may not be as extensive compared to larger, international payment platforms.

Top 3 Key Features

  • By linking PayLah to an account via digibank, users can enjoy seamless payments with the auto debit feature, making transactions even more convenient.
  • Scan and PayLah with over 180,000 acceptance points islandwide. 
  • Accept payments via PayLah!, credit cards, debit cards

Fees: Transaction fees of 3.00% (credit cards/debit cards), and 2.00 – 4.00% for instalment plans

paypal logo

3. PayPal

PayPal is a popular payment gateway in Singapore, making it simple and secure for businesses to handle transactions. As you expand your online business to Singapore, having a reliable payment gateway like PayPal can help streamline your payment process and attract customers with its ease of use and trustworthiness.

Pros:

    • Trusted and widely used by customers
    • Quick and easy setup for businesses
    • Supports international transactions
    • Accessible on various devices

Cons:

    • Higher transaction fees compared to other payment gateways
    • Customer disputes might lead to account limitations or freezing
    • PayPal charges additional fees for currency conversions in international transactions

Top 3 Key Features

  • Has PayPal Seller and Buyer Protection for secure online payments and transactions.
  • Accept payments from customers in over 200 countries and support multiple currencies.
  • PayPal’s mobile app allows customers to make payments easily on the go, increasing your potential customer base.

Fees: Transaction fee of 3.49% + 0.69 SGD for PayPal Checkout (domestic transactions)

eway logo

4. eWay

eWay is a payment gateway that offers Singaporean businesses an all-in-one online payment platform. According to eWay’s official page, eWay provides easy-to-use and out-of-the-box payment solutions for various industries, ensuring smooth and seamless transactions for your business.

Pros:

    • Easy integration with major e-commerce platforms
    • Extensive security features to protect transaction data
    • Flexibility to suit different industry requirements
    • Multi-currency support

Cons:

    • Fees may be higher compared to other payment gateways
    • Limited customization options

Top 3 Key Features

  • eWay emphasizes high-security standards, ensuring your transactions are fully protected, safeguarding both your business and customers.
  • The platform is built to seamlessly work with popular e-commerce platforms such as Shopify, WooCommerce, and Magento.
  • No lock-in contracts, no hidden fees

Fees: Pay-as-you-go pricing at an affordable flat rate of 1.5% + S$0.25 per transaction

2checkout logo

5. 2Checkout

2Checkout is an online payment processing platform that can help you expand your business to international markets. Known for its ability to handle payments in multiple currencies, 2Checkout caters to a wide range of businesses, from e-commerce stores to subscription-based services. Its robust platform is designed to support not only local transactions but also to facilitate seamless international payments, making it a preferred choice for businesses aiming to expand their reach both within Singapore and across global markets.

Pros:

    • Supports over 45 payment methods, including standard credit/debit cards, PayPal, and regional methods.
    • Secure and localized buying experience for shoppers.
    • All-in-one payment gateway and merchant account solution.

Cons:

    • Transaction fees can be higher compared to some competitors.
    • Setup and maintenance might be complex for new users.
    • Limited customization options for the checkout process.

Top 3 Key Features

  • 2Checkout caters to online businesses that want to sell and accept payments globally from over 200 markets.
  • It offers a modular design to meet the dynamic needs of online businesses that focus on digital commerce.
  • 2Checkout can be an ideal choice for e-commerce stores, subscription-based businesses, or businesses selling digital products.

Fees: Transaction fees from 3.5% + 0.30 EUR (2SELL), 4.5% + 0.40 EUR (2SUBSCRIBE) and 6.0% + 0.50 EUR (2MONETIZE)

hoolah logo

6. Hoolah

Hoolah is a popular payment gateway in Singapore that offers a “buy now, pay later” service, allowing customers to pay for their purchases in instalments. It allows consumers to make purchases immediately and spread the cost over interest-free installments, thereby enhancing affordability and convenience. 

This innovative approach not only benefits shoppers with more manageable payment options but also aids retailers by boosting sales and customer satisfaction. Hoolah’s integration with various e-commerce platforms positions it as a key player in Singapore’s evolving digital payment landscape, catering to the modern consumer’s preference for flexibility and simplicity in financial transactions.

Pros:

    • Enables customers to pay in interest-free instalments
    • Works with both debit and credit cards from various banks
    • Seamless integration with e-commerce platforms
    • No processing or administrative fees

Cons:

    • Limited to the Singapore market
    • Not suitable for high-risk industries
    • Purchase limits can be restrictive for some users, as Hoolah sets maximum spending limits based on customer profiles

Top 3 Key Features

  • Hoolah empowers customers to buy products responsibly, by allowing them to pay in three interest-free instalments.
  • The gateway supports debit and credit cards from major banks such as DBS, POSB, Maybank, and Citibank.
  • Hoolah can be integrated into various e-commerce platforms, making it an attractive option for businesses.

Fees: N/A

grabpay logo

7. GrabPay

GrabPay is a popular payment method in Singapore, offering users a secure and seamless payment experience across a variety of services, from rides to dining and shopping. As Singapore’s e-commerce sector is predicted to reach $10 billion by 2026, according to a report by Facebook and management consultancy Bain & Company, GrabPay has emerged as one of the top payment gateways for entrepreneurs expanding their online businesses in the country.

Pros:

    • Convenient for various services, including ride-hailing, food delivery, shopping, and more.
    • Easy integration with Grab services.
    • Supports both in-store QR code scanning and online payments.

Cons:

    • Limited to the Grab ecosystem and partnered merchants.
    • Not as widely accepted as more established payment gateways.

Top 3 Key Features

  • GrabPay offers a range of payment options such as in-store QR code scanning and online transactions, catering to different user preferences and shopping habits.
  • GrabPay’s interface is intuitive and easy to navigate, allowing users to find what they need quickly.
  • The platform prioritizes secure transactions and adheres to strict security measures to protect user data and payment information.

Fees: Transaction fee of 1% + 7% GST that is legally required.

adyen logo

8. Adyen

Adyen is a global payment platform that provides businesses with a comprehensive suite of payment options, particularly in the Singapore market. It caters to businesses aiming to expand their online presence and offers a unified and streamlined payment solution for various channels.

Known for its seamless integration and ability to support a wide array of payment methods, Adyen stands out for its adaptability to various business models, from e-commerce to in-store retail.

Pros:

    • Wide range of payment options
    • Supports multiple currencies
    • Advanced fraud prevention tools

Cons:

    • May be complex to set up for smaller businesses
    • Fees can be relatively high for low-volume transactions
    • Limited personalized customer support, which may be a challenge for businesses requiring more hands-on assistance or customized solutions

Top 3 Key Features

  • Adyen allows you to accept payments from your customers through various channels, including online, in-app, and in-person transactions. 
  • Adyen’s risk management service utilizes machine learning and advanced algorithms to detect and prevent fraudulent transactions. This ensures a secure and safe environment for both you and your customers.
  • With support for multiple currencies and payment methods, Adyen can help you cater to customers globally and expand your business reach.

Fees: Fixed fee of S$0.13 + a fee determined by the payment method

worldpay logo

9. WorldPay

WorldPay is a popular payment gateway in Singapore, enabling businesses to accept various types of payments from their clients. When expanding your online business to Singapore, having a reliable payment gateway like WorldPay can make a difference in streamlining your transactions.

Pros:

    • Supports a wide range of payment methods
    • Secure and reliable
    • Integration with major e-commerce platforms

Cons:

    • Fees might be higher compared to other payment gateways
    • Customization options may be limited

Top 3 Key Features

  • WorldPay supports multiple payment methods, including credit cards, debit cards, and direct debit, making it convenient for customers to make purchases.
  • The platform can be easily integrated with major e-commerce platforms, enabling seamless payment processing for online businesses in Singapore.
  • WorldPay ensures secure transactions and helps businesses stay compliant with industry regulations for added peace of mind.

Fees: Transaction fees from 2.75% + £0.20 for credit cards and debit cards (pay as you go), and 2.75% for credit cards and 0.75% for debit cards plus £19.95 (monthly fee)

opn payments logo

10. Opn Payments (formerly Omise)

Opn Payments is a leading payment gateway in Singapore, providing online and offline payment solutions for businesses of all sizes. It was formerly known as Omise and has since rebranded to better serve the evolving needs of its clients across Asia.

Pros:

    • Provides multi-currency support for transactions
    • Offers a wide range of payment methods, such as credit cards, internet banking, bill payment, and Alipay
    • User-friendly and easily integrated with various e-commerce platforms

Cons:

    • Fees may not be as competitive compared to other gateways in the market
    • Limited to businesses in Singapore, Thailand, and Japan

Top 3 Key Features

  • Acceptance of major credit and debit cards
  • Integration with popular e-commerce platforms
  • One-click checkout, social commerce, payment links, and subscription features

Fees: Charged per successful transaction and based on the payment method. 1% (PayNow, OCBC Pay Anyone); 3.30% + S$0.30 (credit and debit cards); 2.90% (Alipay, Kakao Pay, Gcash, Touch ‘n Go, Dana)

Comparison Table

Payment Gateway3 Key FeaturesFees
StripeWorldwide payment supporte-commerce platform integrationHigh-security standards3.4% + S$0.5 for card payments
DBS PayLahAuto debit featureScan and PayLah with wide acceptanceAccepts various payment methods3.00% (credit/debit cards), 2.00 – 4.00% for instalment plans
PayPalGlobal reach with support for over 200 countriesPayPal ProtectionMobile app for on-the-go payments3.49% + 0.69 SGD (domestic transactions)
eWayHigh-security standardse-commerce platform compatibilityNo hidden fees1.5% + S$0.25 per transaction
2CheckoutGlobal market reachModular design for digital commerceCaters to various online business models3.5% + 0.30 EUR (2SELL), 4.5% + 0.40 EUR (2SUBSCRIBE), 6.0% + 0.50 EUR (2MONETIZE)
HoolahInterest-free instalmentsSupports major bank cardse-commerce platform integrationN/A
GrabPayDiverse payment optionsIntuitive interfaceStrict security measures1% + 7% GST
AdyenMulti-channel payment acceptanceAdvanced fraud detectionMulti-currency supportFixed processing fee of S$0.13 + payment method-dependent fee
WorldPaySupports multiple payment methodsEasy e-commerce integrationSecure transactions2.75% + £0.20 (credit/debit cards, pay as you go), monthly fee plans available
Opn PaymentsMajor card acceptancee-commerce integrationDiverse checkout options1% (PayNow, OCBC Pay Anyone); 3.30% + S$0.30 (cards); 2.90% (Alipay, etc.)

Criteria for Choosing a Payment Gateway

When choosing a payment gateway for your business, consider these key criteria:

  • Transaction Fees: Compare fees, including setup, monthly, and per-transaction costs. Some gateways offer lower fees for higher volumes.
  • Payment Methods and Currency Support: Ensure the gateway supports the payment methods and currencies your customers prefer.
  • Integration and Compatibility: Check how easily the gateway integrates with your current systems, such as your e-commerce platform and accounting software.
  • Security and Compliance: Look for gateways with robust security measures and compliance with standards like PCI DSS to protect sensitive data.
  • Customer Experience: Consider the checkout process’ ease and speed, as a seamless experience can reduce cart abandonment.
  • Customer Support: Reliable and accessible customer service is crucial for addressing issues quickly.
  • Scalability: Choose a gateway that can grow with your business, accommodating increased transactions and expanding market reach.
  • Reputation and Reliability: Research the gateway’s track record for reliability and service quality.

Conclusion

In your quest to expand your online business in Singapore, selecting the right payment gateway is crucial. The top payment gateways offer robust security, helpful customer support, and seamless integration for your e-commerce store. Analyzing the available options in Singapore will foster a convenient experience for both you and your customers.

Key Takeaways

  • Ensure that the chosen payment gateway adheres to strict security standards to protect your customers’ financial information.
  • It is vital to have access to reliable and responsive customer support services for your online business in Singapore.
  • Opt for a payment gateway that easily integrates with your e-commerce platform to ensure smooth transactions for your customers.

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