Exploring the Top 12 Payment Gateways in Singapore

Exploring The Top 12 Payment Gateways In Singapore

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.

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