Top 12 Payment Gateways In Singapore That You Need To Know About

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Anta Pattabiraman

Published 

April 19, 2022

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So, you’re expanding your business to Singapore? Well, you need the right payment gateways on your side.

In this article, we’ll be ranking the 12 best payment gateways in Singapore, explore what you should look out for to integrate with the right gateways and investigate Singapore’s vibrant payment landscape. 

Let’s go! 

The payment landscape in Singapore

When many think of Singapore, the futuristic buildings and colorful gardens by the Bay instantly spring to mind. The city-state is a world leader in design, sustainability, and technology - so it's not hard to imagine that Singapore's payment landscape is well ahead of the curb compared to others in South East Asia. 

Singapore boasts a budding tech scene, and the population is keen to adopt new technologies that facilitate convenience. The Singaporean B2C eCommerce market is worth $4.9 billion and although with a population of just 5.6 million, the average eCommerce spend per person is roughly USD 1,456 per annum. 

Singapore has a forward-thinking government and as such, is keen to actively promote eCommerce growth. The country's eCommerce activity is regulated by the national bank, the Monetary Authority of Singapore (MAS), which promotes fintech innovation. Furthermore, with over 75% of the population using the internet, Singapore became an early adopter of 5G, and as such, is no stranger to using mobile and alternative payments. 

Learn more about local payment methods in Singapore

Criteria to look out for in payment gateways in Singapore

Finding the right payment gateway for Singapore, or in any local market, is no easy challenge. There are multiple players with different pricing structures and offerings, and not all will be right for your business.

Reliability: 

It goes without saying that your payment gateway needs to be reliable. If a payment gateway is prone to downtime, then there is not much you can do until they get back online - ultimately putting a halt to your business. You also want to be able to reach out to the payment gateway easily if you are running into any issues. 

Supported currencies:

Payment gateways can range from supporting many currencies or just a few. Thoroughly research your markets to understand where shoppers are buying from and what currencies they would prefer to pay in, the same for your suppliers - it will prevent costly conversion fees. 

Payment options

People have their preferred payment methods, and your customers will be no different. Ensuring that you supply a range of popular payment methods in Singapore, plus a few alternatives, will ensure that your checkout conversion rates stay high. 

Market integrations

Easy integration with your checkout, plus installable plugins will free up more time for your engineering team. Make sure that the payment gateways you choose can integrate with your tech stack. 

Security 

No one likes to lose to bad actors, including your customers. Many payment gateways come with a vast array of fraud detection and management systems that can help you stop scammers in their tracks, and keep your customer safe. 

Pricing and other fees

As with all services, payment gateways servicing Singapore will have their own pricing structure. This isn’t always transparent from the get-go and can change depending on your chosen currencies, payment methods, and transaction volume. Some payment gateways also charge an onboarding fee. 

12 best payment gateways in Singapore

12 best payment gateways in Singapore

1. Stripe

 As one of the world's most widely used payment gateways, Stripe is popular amongst large tech companies and start-ups. A global presence, a huge array of plug-ins for website integrations, and low transaction fees are just some of the many reasons to integrate with Stripe.

Setup: Free

Transaction fee: 3.4% + $0.50 per successful card charge

Customer support: email/phone/live chat/social media

Supported payment methods: All major payment methods

Fraud management: yes

Market integrations: They release hundreds of features and enhancements each year to help their customers stay ahead of industry changes (they deploy their API an average of 16 times a day).

Supported currencies: all major currencies. 

Onboarding time: 1-2 days

Source of info: Stripe, Btodigital, Nerdwallet

2. Checkout.com

Checkout.com is a reliable merchant services provider for international e-commerce merchants. The PSP has wide coverage and has many integrations for plug-and-play. 

Setup: Free

N/A: Varies per payment method 

Customer support: email/phone/live chat/social media

Supported payment methods: All major payment methods, PayPal, AliPay, Apple Pay, Google Pay

Fraud management: yes

Market integrations: Shopify, WooCommerce, SalesForce, Chargebee, VoxPay and many more

Supported currencies: all major currencies. 

Onboarding time: N/A

Source of info: Checkout

3. Braintree

Braintree is a full-stack payments platform that makes it easy to accept payments in your app or website. Braintree is a popular choice among merchants as it is run by PalPay and has a simplified fee structure.

Setup: Free

Transaction fee: USD 0.30.

Customer support: email/phone/social media

Supported payment methods: All major credit cards Visa, Mastercard, Diners, Amex, and private cards such as Codensa. Digital wallets such as Nequi, Venmo, Daviplata, and PSE payments.

Fraud management: 3D secure

Supported currencies: all major currencies. 

Source of info: Braintree

Good Read: Top Payment Methods in Singapore That Your Business Needs to Know

4. Rapyd: 

Rapyd is a payments platform that inserts fintech services into any app and simplifies the complex offering of local payment methods. With a focus on mobile-friendly solutions, merchants and consumers seem to love Rapyd! 

Setup: Free

Transaction fee: N/A

Customer support: email and knowledge base

Supported payment methods: Local payment methods including cards, bank transfers, E-wallets, and cash

Fraud management: yes

Currencies: N/A

Source of info: Rapyd

5. Xfers

Xfers is a Singapore-based payment processing gateway and offers a range of local payment methods. If you're looking to expand your business into Singapore, then having this gateway as part of your payment infrastructure is an absolute must.

Setup: Free

Transaction fee: N/A

Customer support: email/phone

Supported payment methods: All major credit and debit cards plus internet bank transfer

Fraud management: Yes

Supported currencies: SGD

Source of info: Xfers, Moneysmart

6. Razer

Razer Merchant Services is one of the leading merchant service providers in Southeast Asia. With an e-wallet app designed for youth and millennials in mind - Razer offers the most widely used payment methods in Singapore.

Setup: Varies per plan

Transaction fee: Varies per currency, typically between 1% - 3%.

Customer support: 9 am - 6 pm, Live Chat Support

Supported payment methods: Over 110 payment methods across Singapore and Southeast Asia such as FPX Online Banking, E-wallets

Fraud management: yes

Currencies: MYR, SGD, PHP,IDR,VND,AUD,THB,DKK,CHF, and USD

Onboarding time: N/A

Source of info: Razer

7. Adyen

Popular Dutch payment provider, Adyen, is one of the rising stars in the fintech world. With a strong presence in Europe, the payment provider is slowly but surely expanding its global presence. Adyen is one of the most trusted players in the market as it offers an omnichannel solution and the world's leading alternative payment methods; it's not surprising that Adyen is used by some of the world's leading brands such as LinkedIn, Booking.com, and SHEIN.


Setup: Free


Transaction fee: Varies per payment method and volume

Customer support: 24/7

Supported payment methods: Visa, Mastercard, Amex, Diners Club, Apple Pay, Google Pay

Fraud management: Yes

Currencies: All major currencies

Onboarding time: 1-2 weeks

Source of info: Adyen

8. 2C2P

2C2P is a payments platform provider that works with organisations of all sizes operating in emerging markets to accept omnichannel payments. With a large presence across South East Asia, 2C2P is a comprehensive payment solutions provider that offers many popular payment methods that can help you gain a strong foothold across the region.

Setup: N/A

Transaction fee: 3.75% to 4.20%

Customer support: email and phone

Supported payment methods: All major cards, digital wallets, and over-the-counter at over 400,000 locations across South East Asia. 

Fraud management: Yes

Currencies: IDR, USD

Onboarding time: N/A

Source of info: Chargebee, 2C2P

9. Asiapay

AsiaPay is an online payment service and solutions provider in Asia that provides electronic payment gateway solutions. Available in 15+ countries and regions, including Hong Kong, Australia, China, India, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand, Vietnam, and the UK - AsiaPay will grant you almost full coverage when expanding your business in Asia.

Pricing: AsiaPay’s pricing structure is setup fee + monthly fee + transaction fee + percentage. Contact the company for detailed pricing information.

Customer support: 9 am - 6 pm phone and email.

Supported payment methods: Credit or Debit Card Visa, MasterCard, Discover American  Express, Internet Bank Transfer, ACH

Fraud management: yes

Currencies: 144 Currencies 

Onboarding time: N/A

Source of info: Financeonline, Asiapay

10. Paypal

Of course, almost everyone has heard of PayPal. In Singapore, they provide a reliable and secure payment gateway with a wealth of payment options. While PayPal doesn't offer a wide variety of alternative payments, merchants can easily integrate with the most popular and widely used methods through the PayPal gateway or alternatively also include Braintree.

Setup: Free

Transaction fee: Domestic 3.9% + RP 2.00, Cross border4.4% + Fixed fee-based

on the currency received

Customer support: Phone / Fax / Email 

Supported payment methods: Credit or Debit Card Visa, MasterCard, Discover American  Express, Internet Bank Transfer, ACH

Fraud management: yes

Currencies: 24 Currencies (USD, RP, Euros, GBP, Yen, SGD and more)

Onboarding time: 1-2 days

Source of info: PayPal, Worldfirst

11. Grabpay

GrabPay is a payment method launched by Grab, a ridesharing service. This application is used by more than 100 million people in Asia. So it is no surprise that GrabPay is Singapore's leading digital wallet. Consumers can enjoy numerous services and buy from a vast array of merchants using the GrabPay app.

Setup: Free

Transaction fee: 1% fee on all transactions

Customer support: Knowledge base

Supported payment methods: All major debit and credit cards, digital wallets, QR code

Fraud management: yes

Currencies: Over 150 currencies

Onboarding time: 24 hours

Source of info: GrabPay, iKajo

12. Smoovpay

SmoovPay is an online payment gateway based in Singapore. One of the cheaper payment gateways allowing coverage within Singapore - they are a popular choice with merchants. However, they do not offer a full range of alternative payments that you may see with other gateways. 

Setup: Free

Transaction fee: Smoovpay charges a small fee for every transaction with a rate starting from 2.9% on the total sale amount plus a fixed fee of $0.25 per transaction.

Customer support: Knowledge base

Supported payment methods: Visa or MasterCard

Fraud management: yes

Currencies: SGD, USD

Onboarding time: N/A

Source of info: SmoovPay

Local payment gateways and the rising complexities for businesses

While payment gateways are an absolute need for business, finding and integrating with them can be time-consuming and confusing. But mistakes can be costly if you combine them with the wrong ones. Imagine a scenario if one of your gateways is prone to downtime; you’ll be a sitting duck and no longer will be able to accept payments until they are back online. There is also the added pressure that the gateway can take up valuable time and resources from your engineering team if the payment gateway is hard to integrate with and maintain. 

Luckily, there’s a solution! 

How inai can help you integrate multiple payment gateway integrations in Singapore?

Inai is a payment unification layer which can help you to integrate your checkout with multiple payment gateways. What’s special about inai is that you’ll receive support for both pay-ins and pay-outs, plus a multitude of payment methods to offer your customers. If a payment gateway experiences downtime, then inai will reroute the transaction via another gateway.
You’ll also be able to choose what payment methods to use with each gateway to receive the best cost per transaction and conversion rates. Best class CXO dashboards that help you manage refunds and failed transactions and get a single source of truth for your business transaction routing options that help you with cost optimisation and improve success rates!

Increase your conversion rates
About the author
Anta Pattabiraman is the co-founder and CEO of Inai, a global payment stack simplifying native payments within a single integration. Over the last 5 years, he has worked with 200+ businesses ranging from SMEs to Bigtechs.
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