Are you planning to expand your business into Singapore? In this comprehensive guide, we will rank the 12 best payment gateways in Singapore, offering insights into what you should consider when integrating with these gateways. Singapore’s dynamic payment landscape awaits your exploration. Let’s delve into it!
The Payment Landscape in Singapore
When Singapore comes to mind, images of futuristic architecture and vibrant gardens by the Bay may dominate your thoughts. Known for its leadership in design, sustainability, and technology, it’s no surprise that Singapore’s payment landscape stands out in Southeast Asia.
Singapore boasts a thriving tech sector, and its tech-savvy population eagerly adopts innovations that enhance convenience. With a B2C eCommerce market worth $4.9 billion, Singaporeans, with a relatively small population of 5.6 million, contribute an average annual eCommerce spend of approximately USD 1,456 per person.
Backed by a forward-thinking government, the Monetary Authority of Singapore (MAS) actively promotes eCommerce growth, regulating the nation’s eCommerce activities. With over 75% of the population using the internet, Singapore’s early adoption of 5G technology has familiarized its people with mobile and alternative payment methods.
Criteria for Choosing Payment Gateways in Singapore
Selecting the right payment gateway for the Singaporean market is no easy feat. Various providers offer different pricing structures and features, making it essential to choose the gateway that best suits your business. Here are some critical factors to consider:
1. Reliability:
Your chosen payment gateway must be reliable, as frequent downtime can disrupt your business operations. Quick and efficient support is also crucial to address any issues promptly.
2. Supported Currencies:
Payment gateways may support various currencies. Understanding the currencies your customers prefer can help minimize conversion fees.
3. Payment Options:
Providing a variety of payment methods, including popular ones in Singapore, is essential to maintain high checkout conversion rates.
4. Market Integrations:
Opt for payment gateways that seamlessly integrate with your tech stack, saving your engineering team time and effort.
6. Security:
Protecting your customers from fraud is paramount. Many payment gateways offer fraud detection and management systems to safeguard your transactions.
6. Pricing and Fees:
Payment gateway pricing structures can be complex, varying with currencies, payment methods, and transaction volumes. Be aware of potential onboarding fees.
The Top 12 Payment Gateways in Singapore
Now, let’s introduce you to the 12 best payment gateways in Singapore:
1. Stripe
Setup: Free
Transaction Fee: 3.4% + $0.50 per successful card charge
Supported Payment Methods: All major methods
Key Feature: Regular releases of features to stay ahead of industry changes
2. Checkout.com
Setup: Free
Transaction Fee: Varies by payment method
Supported Payment Methods: All major methods, PayPal, AliPay, Apple Pay, Google Pay
Key Feature: Extensive integrations for plug-and-play
3. Braintree
Setup: Free
Transaction Fee: USD 0.30
Supported Payment Methods: Major credit cards, digital wallets
Key Feature: Simplified fee structure
4. Rapyd
Setup: Free
Transaction Fee: Available upon request
Supported Payment Methods: Local methods, cards, bank transfers, e-wallets
Key Feature: Focus on mobile-friendly solutions
5. Xfers
Setup: Free
Transaction Fee: Available upon request
Supported Payment Methods: Major credit and debit cards, internet bank transfer
Key Feature: Ideal for businesses expanding into Singapore
6. Razer
Setup: Varies per plan
Transaction Fee: Varies per currency
Supported Payment Methods: Over 110 payment methods, e-wallets
Key Feature: E-wallet app designed for youth and millennials
7. Adyen
Setup: Free
Transaction Fee: Varies by payment method and volume
Supported Payment Methods: Major credit cards, alternative methods
Key Feature: Omnichannel solution
8. 2C2P
Setup: Free
Transaction Fee: 3.75% to 4.20%
Supported Payment Methods: Major cards, digital wallets, over-the-counter payments
Key Feature: Comprehensive solutions for emerging markets
9. AsiaPay
Pricing: Structured with setup fee, monthly fee, transaction fee, and percentage
Supported Payment Methods: Credit or Debit Cards, Internet Bank Transfer, ACH
Key Feature: Coverage in 15+ countries and regions
10. PayPal
Setup: Free
Transaction Fee: Domestic 3.9% + RP 2.00, Cross-border 4.4% + fixed fee
Supported Payment Methods: Credit or Debit Cards, Internet Bank Transfer, ACH
Key Feature: Trusted and secure gateway
11. Grabpay
Setup: Free
Transaction Fee: 1% fee on all transactions
Supported Payment Methods: Major debit and credit cards, digital wallets, QR code
Key Feature: Widely used digital wallet
12. Smoovpay
Setup: Free
Transaction Fee: 2.9% on the sale amount + $0.25 per transaction
Supported Payment Methods: Visa or MasterCard
Key Feature: Cost-effective choice
Local Payment Gateways and Challenges for Businesses
Integrating payment gateways into your business is essential, but the process can be time-consuming and complex. Making errors in gateway selection can be costly. Downtime can halt your operations, and complicated integrations can burden your engineering team.
How Web Technology Expert (formerly web technology expert) Can Help with Multiple Payment Gateway Integrations in Singapore
transactions remain seamless. In case of downtime, we automatically reroute transactions through an operational gateway.
You can choose which payment methods to use with each gateway to optimize costs and boost conversion rates. Our CXO dashboards assist in managing refunds, addressing failed transactions, and providing a single source of truth for transaction routing.
Let Web Technology Expert streamline your payment gateway integration in Singapore and enhance your business’s efficiency and success.