Comparing the top 5 payment gateways in Singapore | How to choose

In Singapore, a market where 58% of residents make online purchases¹, choosing the right payment gateway partner is vital to your business’s success.

Whether you’re looking for low fees, the ability to get paid and keep the money in the same currency your customers pay (known as like-for-like settlement), or support for international payment methods, there are several factors to consider when selecting a provider.

In this article, we compare the top five payment gateway providers in Singapore and help you choose the right one for your business.

Key takeaways

• Payment gateways allow businesses to accept and process digital wallets, debit card, and credit card payments – an essential for any business in today’s digital landscape.

• The most popular payment gateways in Singapore include Airwallex, PayPal, Stripe, Adyen, and Shopify Payments.

• Airwallex stands out as a compelling payment gateway for businesses, with support for 160+ payment methods and like-for-like settlements in 14 leading currencies.

What is a payment gateway provider or service?

A payment gateway is a secure technology that enables businesses to accept and process payments from credit cards, debit cards, and digital wallets. 

The term is often associated with eCommerce payments. In Singapore, the number of online shoppers is expected to reach 4.95 million by 2029², and there are an estimated 4.11 billion online shoppers worldwide³. 

According to our 2024 Cross-Border eCommerce Report by Edgar, Dunn & Company, 77% of surveyed consumers said they would likely abandon their cart if their preferred payment method isn't available. 

Choosing the right payment gateway with a wide range of payment methods is essential for expanding into global eCommerce markets. In Southeast Asia, the diversity of local payment options makes it especially important for payment gateways to support businesses in accepting each market’s preferred payment method.

The top 5 payment gateway providers in Singapore (2025)

1. Airwallex: an end-to-end global financial operations platform offering for customisable low- and no-code payment gateway solutions, along with a comprehensive suite of business solutions such as multi-currency accounts and expense management tools

2. PayPal: a globally recognised digital payments provider offering secure, user-friendly solutions for both businesses and consumers

3. Stripe: a developer-friendly payment solutions platform offering highly-customisable payment tools ideal for online-first businesses

4. Adyen: a unified payment platform that provides eCommerce payment processing and point-of-sale (POS) systems

5. Shopify Payments: a built-in payments solution for Shopify merchants, allowing for fast and easy payment acceptance within the Shopify ecosystem

Top features to look for in a payment gateway software provider

It may be tempting to choose the payment gateway with the lowest fees in Singapore, but there’s more to consider than just cost. Here’s what to evaluate when assessing different online payment solutions:

1. Fee schedule and pricing models: Examine the payment gateway’s complete fee structure, including setup fees, monthly transaction fees, and any hidden charges. Watch for additional costs such as cross-border fees, currency conversion fees, or minimum usage penalties. Check whether you can choose between Interchange++ pricing or Blended pricing – the latter can make it easier to forecast fees. Keep in mind that the lowest advertised fees might not always be the best choice, especially if it comes at the expense of important features.

2. Fraud detection: A good payment gateway should protect your business from fraudulent transactions and minimise chargebacks. Look for fraud detection tools like real-time transaction monitoring and 3D Secure authentication, which add an extra layer of verification and reduce the risk of unauthorised purchases.

3. Security features: Your payment gateway must keep customer data safe and secure. Ensure it complies with PCI DSS (Payment Card Industry Data Security Standard) and any local regulations in the regions in which your business operates. Features like network tokenisation can also enhance security by enabling encrypted transactions.

4. Local and alternative payment methods: If you plan to sell regionally or globally, your payment gateway should support local payment methods to reduce cart abandonment rates and drive higher sales. It should also help you save on currency conversion fees by offering like-for-like settlements. Airwallex is one provider that supports this feature.

5. Integration options: A payment gateway should be easy to install and integrate with your eCommerce platform or accounting software. Most payment providers are compatible with leading eCommerce platforms and provide integration options ranging from non-code plugins to fully customisable APIs.

Compare the best payment gateway providers in 2025

The top payment gateway providers in Singapore: key features and fees

Singapore offers a wide range of payment gateway options for businesses of all sizes. This guide covers the top five – Airwallex, PayPal, Shopify, Stripe, and Adyen.

1. Airwallex

Airwallex is a global, end-to-end financial operations platform for businesses. Companies of all sizes use our Checkout solution to accept payments in over 180 countries. 

Airwallex’s payment acceptance fees:

• Domestic cards and wallets: 3.30% + S$0.50 per transaction

• International cards and wallets: 3.60% + S$0.50 per transaction

• Local payment methods: S$0.50 + local payment method fee per transaction

2. PayPal

PayPal is a well-established payment gateway that has operated globally for over 20 years. Individuals use it as a digital wallet, while eCommerce brands rely on it to process payments from credit cards, debit cards, and bank transfers. 

PayPal’s payment acceptance fees⁴:

• Domestic card payments: 3.9% + S$0.50 per transaction

• International card payments: 4.4% + fixed fee per transaction

• Local payment methods: 3.4% + fixed fee per transaction

3. Stripe 

Stripe is a payment platform that enables businesses to accept payments via credit cards, debit cards and a wide range of local payment methods. With their POS support, Stripe payment services in Singapore are well-suited for businesses that operate online and offline. The platform supports card readers as well as Tap to Pay solutions on Apple and Android devices – making in-person payments fast and flexible. Stripe also offers access to over 100 local payment options globally.

Stripe’s payment acceptance fees⁵:

• Domestic cards and wallets: 3.4% + S$0.50 per transaction

• International cards and wallets: 3.9% + S$0.50 per transaction (additional 2% if currency conversion is needed)

• Local payment methods: 0.8–3.4% + payment method fee (varies depending on payment method)

4. Adyen

Adyen Singapore is an omnichannel payments solution, enabling businesses to accept payments across online, in-store, and mobile channels- all through a single platform. Its services include a robust payment gateway for online transactions, POS systems for in-person payments, and integrations for in-app or mobile checkouts. It also supports like-for-like settlements in SGD, HKD, and USD.

Adyen’s payment acceptance fees⁶:

• Domestic and international card payments: €0.11 + interchange+ + 0.6% per transaction

• Local payment methods: €0.11 + local payment method fee per transaction

5. Shopify Payments

Shopify Payments is an integrated solution for Shopify merchants, allowing you to accept payments directly without relying on third-party gateways. While it supports multiple currencies, payments are automatically converted into SGD, often at exchange rates that may not be the most competitive.

Shopify Payments’ payment acceptance fees⁷:

• Domestic and international credit card payments: Depending on your Shopify plan, type of credit card used, and region your credit card is registered in.

• Conversion fees apply based on your store’s primary country (1.5% for the US and 2% for all other Shopify Payments regions)

• Additional fees are charged for integrations with third-party payment providers: 0.6%-2%

• Local payment methods: varies depending on Shopify plan

How does a payment gateway provider work?

Payment gateways capture the customer’s details and transmit them to their bank, who then authorises the payment. In other words, it functions as the digital bridge between your customers, their banks, and your business. Here’s how they work:

1. Purchase is made: The customer initiates the transaction by entering their payment details at your website’s checkout page. If they’re using a credit or debit card, they need to enter their card number, card verification value (CVV) code, and expiration date.

2. Data encryption: The customer’s card information is sent to the payment gateway, where it gets encrypted or scrambled for safekeeping. The gateway sends the encrypted details to the acquiring bank or acquirer – the financial institution that processes card payments for your business.

3. Authorisation request: The acquiring bank sends this information to the issuing bank (your customer’s bank) to verify the card’s validity and whether it has sufficient funds or credit limit.

4. Verification and fraud prevention: The issuing bank checks for fraud, verifies the transaction details, and confirms that the cardholder has enough money for the purchase. The issuer sends a message to the acquirer saying whether the transaction is approved or declined.

5. Confirmation of transaction: The acquirer sends the message back to the payment gateway, which then passes it on to your website. Based on the outcome, the customer will either be taken to a page confirming their payment or asked to try a different payment method.

6. Settlement of funds: If the payment is approved, the settlement process can start. The payment gateway receives the funds from the customer's bank and then completes the payment with your business, usually within a few business days.

Why choose Airwallex as your payment gateway

As you expand globally, the best payment providers should go beyond processing payments – they should help you connect and build trust with your customers, and boost overall profitability.

Airwallex’s Checkout solution lets you accept over 160 local payment methods and settle like-for-like in 14 currencies. This means you can settle payments in the same currency that your customers pay in, eliminating unnecessary conversion fees and streamlining the checkout experience. 

Frequently asked questions (FAQs)

1. How long does it take to set up a payment gateway?

The time required to set up a payment gateway varies from a few hours to several weeks, depending on your chosen integration option. 

If you're using an out-of-the-box solution without customisation needs or a no-code eCommerce plugin, you might get started in just a few hours. However, a fully customised setup with specific integration requirements may take one to two weeks to complete.

For an accurate timeline that aligns with your business needs, check with your payment gateway provider.

2. Can I integrate a payment gateway with my existing website or eCommerce platform?

Yes. Most payment gateways, including Airwallex, integrate with eCommerce platforms like Shopify or Magento. If your website runs on these platforms, you can easily add payment processing capabilities using a plugin.  

If you're unsure how to proceed, your payment gateway provider can offer guidance or direct integration support.

3. What currencies and payment methods are supported by payment gateways?

Payment gateways can accept credit and debit card payments from major networks like Visa or Mastercard, along with digital wallets such as Apple Pay, and bank transfers. Some even support local payment methods like GrabPay and WeChat Pay. Your chosen payment gateway will have a list of supported payment methods.

Most payment gateways in Singapore support major currencies like USD, EUR, and GBP, but they often convert them into SGD by default. If your business processes a large volume of foreign currency transactions, choose a payment gateway with like-for-like settlement. This means you can accept foreign currencies without converting them, which helps you avoid unnecessary conversion fees.

4. Are there any compliance requirements or regulations I need to consider when using a payment gateway?

Your chosen payment gateway must comply with industry regulations and security standards. One of the most critical is the Payment Card Industry Data Security Standard (PCI DSS), which safeguards cardholder information and prevents unauthorised access, fraud, and data breaches.

Depending on your location and target market, you may need to adhere to regional regulations like the General Data Protection Regulation (GDPR) in Europe or the Payment Services Directive (PSD2).  

5. Do payment gateways offer fraud protection and chargeback management?

Payment gateways like Airwallex, Stripe, and PayPal have built-in fraud protection and chargeback management. These anti-fraud tools look out for suspicious transactions such as multiple attempts to use a card from different locations. They also track IP addresses and combine data points to assess risk. 

However, fraud prevention tools can mistakenly block valid transactions, leading to customer frustration. Airwallex’s fraud engine has features that let businesses customise settings based on their risk appetite, decide when to use 3D Secure authentication, or automatically reject transactions.

Sources:

1.  https://www.trade.gov/market-intelligence/singapores-e-commerce-market

2.  https://www.statista.com/forecasts/1331952/number-of-e-commerce-users-singapore

3.  https://www.shopify.com/sg/blog/global-ecommerce-sales

4.  https://www.paypal.com/sg/webapps/mpp/merchant-fees

5.  https://stripe.com/en-sg/pricing

6.  https://docs.adyen.com/online-payments/

7.  https://help.shopify.com/en/manual/international/pricing/fees

This publication does not constitute legal, tax, or professional advice from Airwallex, nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.