8 best online payment processors in Singapore (2026)
Shermaine Tan
Manager, Growth Marketing
Key Takeaways:
With 92% of Singaporeans using electronic payments¹ and digital wallets projected to account for an even greater share of online transactions by 2027², choosing the right online payment processor is critical for businesses.
The best online payment processors differ in fees, supported payment methods, multi-currency settlement capabilities, and integration options. The right choice depends on your business model and the markets you sell to.
Airwallex is the only online payment processor in Singapore that offers like-for-like settlement in 20+ currencies, supports 160+ local payment methods, and accepts payments from 180+ countries.
Finding the best online payment processor isn't straightforward — the right choice depends on your customers' preferred payment methods, the markets you sell to, and the fees you're willing to pay.
With 92% of Singaporeans using electronic payments¹ and digital wallets projected to grow even further by 2027², getting this decision right can have a real impact on your revenue and your customers' checkout experience.
Read on to find out the top online payment processors in Singapore and what to look for when choosing one. We'll also share why Airwallex's global reach and support for 160+ local payment methods makes it a strong option for businesses looking to grow internationally.
What are payment processing companies and services?
Payment processing companies and services are systems that allow businesses to accept digital payments from customers.
Also known as payment gateway companies, these tech firms enable businesses to offer a wide range of payment methods, from cards and mobile wallets to buy-now pay-later (BNPL) and more. They also facilitate the transfer of funds from your customers' accounts into your business bank account.
Most providers support major card networks like Visa and Mastercard, but only a select few support local payment methods like GrabPay, PayNow, or Alipay.
With digital wallet payments projected to grow significantly by 2027 and credit card use projected to decline³, having a processor that covers your customers' preferred payment methods is becoming increasingly important. In fact, 79% of Singapore customers would abandon their cart⁴ if their preferred payment method isn't available at checkout.
Top 8 online payment processors in Singapore (2026)
Businesses in Singapore have several online payment processors to choose from. Here's a quick comparison of the eight best options, followed by a closer look at each one:
Provider | Known for | No-code plugins | Hosted payment page | Pre-built UIs | APIs & mobile SDKs | Payment methods | Like-for-like settlement | Domestic card fees | International card fees |
|---|---|---|---|---|---|---|---|---|---|
Airwallex | End-to-end payments for businesses of all sizes |
|
|
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| Major card networks and 160+ local payment methods | 20+ currencies | 3.30% + S$0.50 | 3.30% + S$0.50 + 0.3% |
Adyen⁵ | Omni-channel payment gateway for enterprises |
|
|
|
| Major card networks and local payment methods | 5 currencies | S$0.13 + Interchange+ + 0.60% | 3.4–5.4% + Fixed fee |
Checkout.com⁹ | High-performance payment gateway for digital businesses |
|
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|
| Major card networks and local payment methods | Multiple currencies | Custom pricing | Custom pricing |
HitPay¹⁰ | All-in-one payment solution built for Singapore SMEs |
|
|
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| Major card networks and local payment methods incl. PayNow and GrabPay |
| 0% for PayNow; from 2.5% for cards | Not available |
PayPal⁶ | Digital wallets for individuals and online payments |
|
|
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| Major card networks and 8+ local payment methods |
| From 3.9% + S$0.50 | From 3.6% + S$0.50 |
Shopify Payments⁷ | User-friendly eCommerce platform | Shopify stores only |
|
|
| Major card networks and local payment methods |
| From 3.2% + S$0.50 | 3.9% + S$0.50 |
Stripe⁸ | POS terminals and online payment gateway |
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|
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| Major card networks and 100+ local payment methods | 2 currencies | 3.4% + S$0.50 | From 3.4% + S$0.50 |
2C2P¹¹ | Southeast Asia-focused payment processor |
|
|
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| Major card networks and 200+ local payment methods across SEA |
| Custom pricing | Custom pricing |
The information in this table has been reviewed to be accurate as of 18 March 2026.
1. Airwallex
Airwallex is an end-to-end financial platform that helps businesses of all sizes streamline global payments and financial operations. Our payment gateway supports payment acceptance from 180+ countries and 160+ local payment methods, including Alipay, PayNow, and ACH direct debit.
We're also the only online payment processor in Singapore offering like-for-like settlement in 20+ currencies, so you can hold and pay out in the same currency without unnecessary conversion fees.
Pros | Cons |
|---|---|
160+ local payment methods available across 180+ countries — broader global reach than any other provider on this list.* | POS is currently rolling out |
Like-for-like settlement in 20+ currencies — more than any other provider on this list | |
No-code plugins for Shopify, WooCommerce, and Magento plus fully customisable APIs |
*Note: While 2C2P supports 200+ local payment methods, these are concentrated across Southeast Asian markets. Airwallex's 160+ local payment methods span 180+ countries globally, making it the stronger choice for businesses looking to accept payments beyond the SEA region.
2. Adyen
Adyen Singapore is a payments platform that allows businesses to accept payments online and in-store. They have been operating in Singapore since 2015 and offer a payment gateway and point-of-sale (POS) terminals. Adyen also has an omnichannel solution, meaning you can view and manage online and in-store payments in one platform.
Pros | Cons |
|---|---|
Strong omnichannel capabilities, with online and in-store in one platform | Primarily built for large enterprises — complex onboarding for smaller businesses |
Interchange-plus pricing can be cost-effective for high-volume merchants | Pricing structure can be difficult to predict for lower-volume businesses |
Like-for-like settlement in 5 currencies | Fewer local payment methods in Singapore compared to competitors |
The information in this table has been reviewed to be accurate as of 18 March 2026.
3. Checkout.com
Checkout.com is a global payment gateway built for high-growth digital businesses. With a presence in Singapore and support for a wide range of payment methods, it is a popular choice for enterprises and scaling businesses that need a flexible, API-first payment solution.
Checkout.com also offers advanced reporting and analytics tools, making it easier for businesses to monitor payment performance and optimise conversion rates.
Pros | Cons |
|---|---|
Strong API-first infrastructure ideal for technical teams | Custom pricing only, no publicly available fee schedule |
Advanced reporting and analytics tools for payment optimisation | Better suited to larger businesses — may be complex for smaller merchants |
Supports multiple currencies and local payment methods | Less brand recognition in Singapore compared to Stripe or Adyen |
The information in this table has been reviewed to be accurate as of 18 March 2026.
4. HitPay
HitPay is a Singapore-born payment solution built specifically for local SMEs. It is licensed by the Monetary Authority of Singapore (MAS) and offers one of the most straightforward setups of any provider on this list — making it a popular choice for small businesses, freelancers, and retail merchants looking to get up and running quickly.
HitPay supports key local payment methods including PayNow, GrabPay, and major card networks, with 0% transaction fees on PayNow payments.
Pros | Cons |
|---|---|
0% fees on PayNow transactions | Limited international payment support |
MAS-licensed with strong local payment method coverage including PayNow and GrabPay | No pre-built UIs or mobile SDKs for custom integrations |
Simple setup with minimal technical requirements | Not well suited to businesses with significant cross-border payment needs |
The information in this table has been reviewed to be accurate as of 18 March 2026.
5. PayPal
PayPal is one of the most widely recognised digital payment platforms in the world. Unlike other online payment processors, PayPal offers digital wallets directly to consumers, allowing them to pay using their PayPal balance, credit cards, debit cards, or bank transfers. Its widespread consumer recognition can help boost checkout confidence, particularly for businesses selling to international customers.
Pros | Cons |
|---|---|
Widely recognised brand that can boost consumer trust at checkout | Higher transaction fees compared to most other providers on this list |
Supports consumer digital wallets directly | No pre-built UIs, APIs, or mobile SDKs for custom integrations |
Available in a large number of countries | No like-for-like multi-currency settlement |
The information in this table has been reviewed to be accurate as of 18 March 2026.
6. Shopify Payments
Shopify Payments is the built-in payment solution for Shopify merchants, allowing them to accept payments without the complexity of integrating a third-party processor. However, it is only available to Shopify store owners, and support for local payment methods like PayNow requires third-party integrations such as Airwallex.
Pros | Cons |
|---|---|
Seamless integration for existing Shopify merchants | Only available to Shopify merchants |
No additional setup fees for Shopify store owners | Not supported in markets like Malaysia or Indonesia |
Simple, predictable fee structure | Requires third-party integrations for local payment methods like PayNow |
The information in this table has been reviewed to be accurate as of 18 March 2026.
7. Stripe
Stripe Singapore is a payment processing service that lets businesses collect payments online and in-store. Like Adyen, Stripe offers a payment gateway and POS terminals. It also has custom analytics tools and an A/B testing feature that lets you test different payment methods on a subset of your customers.
Pros | Cons |
|---|---|
Strong developer tools including custom analytics and A/B testing | Can be complex to set up without technical resources |
Supports 100+ local payment methods globally | Like-for-like settlement limited to 2 currencies (SGD and USD) for Singapore businesses |
Both online and in-store payment capabilities | Less suited to businesses prioritising multi-currency operations |
The information in this table has been reviewed to be accurate as of 18 March 2026.
8. 2C2P
2C2P is a Southeast Asia-focused payment processor headquartered in Singapore, with a particularly strong presence across Thailand, Malaysia, Indonesia, and the Philippines. It supports 200+ local payment methods across the region, making it a compelling option for businesses that sell primarily within SEA markets. 2C2P is widely used in the travel, retail, and enterprise sectors.
Pros | Cons |
|---|---|
Widest local payment method coverage in SEA (200+) | Custom pricing only, no publicly available fee schedule |
Strong track record in travel, retail, and enterprise sectors across SEA | Less suitable for businesses targeting markets outside Southeast Asia |
Headquartered in Singapore with deep regional regulatory knowledge | Limited information available on like-for-like settlement capabilities |
The information in this table has been reviewed to be accurate as of 18 March 2026.
How does payment processing work?
At its core, payment processing is about moving money from your customer to your business account securely and quickly.
When a customer pays for a product or service, the payment processor captures their payment details and sends them to the relevant banks for verification. This happens through a payment gateway — the technology that sits between your checkout and the banking system.
Once the customer's bank approves the transaction, the payment is confirmed and the funds are transferred to your account.
Top features to look for in an online payment processor
Choosing the right online payment processor is a business-critical decision. Here's what to look for when evaluating your options:
Global coverage
If you're planning to grow your international customer base, look for a processor that supports payment methods across different countries and handles a wide range of currencies. This is especially important if you're targeting specific markets: make sure your provider supports the local payment methods customers in those markets prefer.
Integration capabilities
No-code plugins, hosted payment pages, and pre-built UIs make it easier to get up and running without heavy developer resources. For a fully customised checkout experience, look for a provider with APIs and mobile SDKs that give you flexibility in how you accept payments.
Security and fraud protection
Features like 3D Secure (3DS) and machine-learning risk engines help reduce fraudulent transactions and minimise costly chargebacks. Look for a provider that is PCI DSS compliant and offers robust fraud detection tools.
Multi-currency support and like-for-like settlement
Many online payment processors let you display prices in local currencies but automatically convert funds into your home currency. Look for a provider that offers like-for-like settlement, so you can hold funds in the currency you received them in and avoid unnecessary conversion fees.
Payment processing fees
Fee structures differ between providers and payment methods. Beyond transaction fees, watch out for hidden charges on international payments and currency conversions, as these can significantly affect your margins on cross-border revenue.
How to reduce payment processing fees
Reducing payment processing fees is essential for protecting your operating margins. Even small reductions in fees can result in significant savings when processing a high volume of transactions. Here are some practical ways to keep costs down:
Understand your pricing model
Providers offer several pricing structures, including flat-rate, interchange-plus, and subscription-based models. For smaller transaction volumes, a flat-rate model offers simplicity and predictability. For higher volumes, interchange-plus pricing — which combines base card network fees with a small processor margin — can deliver better value.
Minimise international fees
If you operate across borders, look for a provider like Airwallex that offers like-for-like settlement. Avoiding unnecessary currency conversions can lead to meaningful savings over time.
Avoid long-term contracts
Look for providers with a pay-per-transaction model so you only pay for what you process. Some payment processors also offer custom rates depending on your transaction volume, region, or business model — it's worth asking.
Manage chargebacks proactively
Chargeback fees can be difficult to manage because customers can initiate them whenever they feel entitled to a refund. Beyond the lost revenue, they also incur additional fees. Implement clear refund policies, transparent customer communication, and robust fraud detection to keep chargebacks to a minimum.
Review your costs regularly
Payment processing fees can change, and new providers or offers may emerge. Make it a habit to review your options periodically to ensure you're always getting the best deal.
What questions should you ask when onboarding an online payment processor?
Asking the right questions upfront will help you choose a provider that fits your operational needs, budget, and growth plans. Here are the key ones to cover:
What are your transaction fees?
Ask about all possible fees: transaction fees, monthly fees, setup fees, conversion fees, and any hidden charges. Knowing exactly what you'll pay for each transaction helps you budget more effectively and avoid surprises.
Are there any long-term contracts or early termination fees?
Some providers require a long-term commitment, which can include penalties if you switch. Look for providers that offer flexibility with no lock-in.
What local payment methods do you support?
Make sure the provider supports the payment methods your customers prefer in every market you sell to, whether that's WeChat Pay in China, PayNow in Singapore, or ACH direct debit in the USA.
How long does it take for funds to be settled?
Settlement periods vary between providers and can impact your cash flow. Clarify how long it typically takes for funds to reach your account after a transaction.
What security measures and compliance standards do you have in place?
Ask about the provider's fraud prevention tools, authorisation rates, and compliance with standards like PCI DSS. A poor payment experience can damage your brand's reputation.
Is your system compatible with our existing software?
Seamless integration with your eCommerce platform and accounting software is essential for efficient operations and easier reconciliation.
Can you handle multi-currency transactions?
If you accept payments from customers in different countries, confirm whether the provider supports multi-currency transactions and what the fees are for currency conversion and settlement.
What is your policy on chargebacks?
Understanding how your provider handles chargebacks — and whether they offer any support or protection — can save you money and headaches down the line.
Do you offer other financial services?
Some providers like Airwallex offer additional services such as multi-currency accounts and Corporate Cards, which can help you consolidate your financial operations in one place.
Do you have a customer support team based in Singapore?
Many providers have overseas-based support teams. A Singapore-based team can offer faster response times and a better understanding of local regulations and payment requirements.
Why choose Airwallex for your payment processing?
Running payments across borders feels complicated, but it doesn't have to be. Airwallex is built to make it simpler, whether you're accepting payments from customers in Singapore or scaling into new markets overseas.
Unlike most online payment processors, Airwallex lets you collect and settle payments in 20+ currencies — so when a customer pays you in USD or EUR, you can hold those funds as-is and use them to pay suppliers in the same currency. No unnecessary conversion to SGD, no hidden fees eating into your margins.
We support 160+ local payment methods across 180+ countries, from PayNow and Alipay to ACH direct debit in the USA and Pay by Bank in the UK. So wherever your customers are, they can pay the way they prefer.
Getting set up is straightforward. If you're on Shopify, Magento, or WooCommerce, our no-code plugins let you start accepting payments in minutes. If you need something more custom, our APIs give you the flexibility to build exactly what you need.
Beyond payments, Airwallex also offers multi-currency accounts, Corporate Cards, Expense Management, and international transfers, so you can manage your entire financial operation in one place.
Frequently asked questions (FAQs)
What is an online payment processor?
An online payment processor is a service that enables businesses to accept digital payments from customers. These tools are typically cloud-based and handle the secure transfer of payment information between your customer's bank and your business account, so funds land in the right place quickly and safely.
What should I look for when choosing an online payment processor?
Prioritise factors like ease of integration, supported payment methods, and competitive fees. Also consider fraud protection, compliance with local regulations like PCI DSS, multi-currency settlement capabilities, and whether the provider can scale with your business as you grow.
How much does it cost to use an online payment processor?
Pricing varies between providers and transaction types. Some operate on a flat-rate model, others on interchange-plus or subscription-based pricing. Beyond transaction fees, watch out for hidden charges on international payments and currency conversions: these can add up quickly for businesses processing cross-border payments.
How safe are online payment processors?
A secure online payment processor should include end-to-end data encryption, machine-learning fraud detection, and compliance with PCI DSS, which is the global security standard for organisations that store and process sensitive payment data. Always check that your provider meets these standards before signing up.
What is the best payment processing system for small businesses in Singapore?
The best payment processing system for your small business depends on your sales channels, target markets, and budget. For businesses selling online, look for a processor with no-code plugins for your eCommerce platform, competitive flat-rate fees, and support for local payment methods like PayNow and GrabPay. Airwallex is a strong option, offering 160+ local payment methods, no monthly fees, and multi-currency accounts to help you manage cross-border payments efficiently.
What is the difference between a payment processor and a payment gateway?
A payment gateway is the technology that captures and encrypts your customer's payment details at checkout and sends them for authorisation. A payment processor is the service that handles the actual movement of funds between your customer's bank and your business account. In practice, many providers — including Airwallex — offer both as part of an integrated solution, so you don't need to manage them separately.
Sources:
https://www.pwc.com/sg/en/publications/assets/page/pwc-sg-digital-payments-2025.pdf
https://worldpay.globalpaymentsreport.com
https://www.statista.com/statistics/1111233/payment-method-usage-transaction-volume-share-worldwide/
https://www.airwallex.com/newsroom/cross-border-ecommerce-2024-report
https://docs.adyen.com/online-payments/
https://www.paypal.com/sg/business
https://help.shopify.com/en/manual/payments/shopify-payments/supported-countries/singapore
https://stripe.com/en-sg
https://www.checkout.com/sg
https://www.hitpayapp.com/pricing
https://www.2c2p.com/
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Shermaine Tan
Manager, Growth Marketing
Shermaine spearheads the development and execution of content strategy for businesses in Singapore and the SEA region at Airwallex. Leveraging her extensive experience in eCommerce, digital payment solutions, business banking, and the cross-border industry, she provides invaluable insights that guide businesses through the complexities of global commerce. Specialising in crafting relevant and engaging content that resonates with business owners, her work is designed to drive growth and innovation within the fintech and business economy space.
Posted in:
Online paymentsShare
- What are payment processing companies and services?
- Top 8 online payment processors in Singapore (2026)
- How does payment processing work?
- Top features to look for in an online payment processor
- How to reduce payment processing fees
- What questions should you ask when onboarding an online payment processor?
- Why choose Airwallex for your payment processing?
