HitPay Singapore

5 Popular Payment Methods in Singapore for Small Businesses — Accept PayNow QR, Credit Cards, Atome BNPL, and More

We compare popular payment methods in Singapore including PayNow, Visa, Mastercard, BNPL, and more.

5 Popular Payment Methods in Singapore for Small Businesses — Accept PayNow QR, Credit Cards, Atome BNPL, and More

If you run a small business in Singapore, your customers have probably asked if you accept digital payment methods like PayNow, GrabPay, or Atome BNPL.

Wondering how to accept digital payments for POS or on your online store? We’re here to help!

In this quick guide, find out which payment methods are popular in Singapore and compare their pros and cons. We'll guide you through the easiest way to accept payments like Visa, Mastercard, Atome, and PayNow — no coding required.

Payment Options in Singapore for Businesses

When choosing the right payment options, it's important to understand that Singapore has a diverse landscape. Credit card payments are widely used, with Visa, Mastercard, and Amex being the most popular. Additionally, digital wallets like GrabPay and FavePay offer a more flexible way for customers to make purchases without using a credit card.

Must-have payment methods in Singapore

1) Credit/debit cards: Credit card payments by Visa and Mastercard are Singapore's most popular payment method. According to a 2023 study by Visa, 97% of people in Singapore used cards for contactless payment for retail shopping, supermarket purchases, to public transport, making this a must-have payment method for your small business.

2) Bank transfers via PayNow: More than 80% of Singaporeans and businesses (4.9 million users!) use PayNow to transfer money between banks. Get paid the next day and let your customers pay by sharing your business's Unique Entity Number (UEN).

While PayNow is primarily designed for direct bank transfers, you may wonder, “can I use credit card for PayNow”? Currently, PayNow does not support credit card payments directly. However, there are third-party services like GrabPay and FavePay that allow you to link your credit card, enabling you to make payments through PayNow QR codes indirectly. This flexibility offers customers more options while keeping the payment process seamless.

3) QR code payments: QR codes have become a preferred payment method in Singapore for consumers. The Singapore Quick Response code (SGQR) was launched in 2018 to make accepting in-person QR code payments easier. It accepts over 27 QR payment methods like PayNow, FavePay, NETS, and GrabPay, making it a must-have if you run a physical store.

The widespread adoption of QR code payment in Singapore has made transactions more convenient and efficient. Businesses can offer Singapore QR code payment as a secure and simple solution to meet customer demands for contactless payment in Singapore. With the increasing trend of Singapore contactless payment, integrating SGQR ensures you stay competitive and meet evolving consumer expectations.

4) Digital wallets: Do you have an online store? Digital wallets like GrabPay, DBS PayLah!, and FavePay are likely to overtake credit cards as Singapore’s leading online payment method by 2026. People appreciate digital wallets for their convenience, security, and ease of use, making them an essential option for businesses. For example, many users wonder, can PayLah pay to PayNow, and the answer is yes! This offers greater flexibility for customers who use PayLah regularly, as they can make seamless transfers without needing to switch between platforms. This integration makes it even easier for businesses to accept payments from customers who prefer digital wallets. Likewise, integrating options like FavePay online can further expand your customer base. You can also combine FavePay with other platforms like Google Pay, making FavePay Google Pay a powerful tool for smoother, more versatile transactions that attract more online sales.

5) Buy-now-pay-later (BNPL): BNPL payments allow customers to split larger purchases into 3-4 smaller payments, while merchants receive the full payment upfront. Offering Singapore BNPL services like PayLater by Grab and Atome helps you reach customers who don’t want (or cannot) use a credit card. With solutions like Atome credit card, consumers have even more flexibility in managing their payments, making it an attractive option for both buyers and businesses. Additionally, Atome Singapore office provides local support for merchants interested in offering this payment solution. For customers looking for seamless integration, Apple Pay Later Singapore is another emerging option in the market, allowing businesses to offer flexible payment plans while maintaining a smooth checkout experience.

Normally, you have to integrate each payment method separately. However, using an online payment gateway in Singapore like HitPay helps you set up multiple payment methods in minutes without coding. Join our growing merchant community today!

1) Credit cards / Debit cards

Popular credit/debit card payment methods in Singapore: Visa, Mastercard

Pros:

  • Widely used in Singapore
  • Saves time manually processing cash

Cons:

How to set up credit/debit card payments online and in person

Set up a free HitPay account to accept all card payments including Visa, Mastercard, UnionPay and AMEX. You can use the HitPay app or HitPay credit card terminal for in-person sales.

Did you know? Amex is accepted at many retailers in Singapore, but it may not be as widely accepted as Visa or Mastercard. Businesses that cater to international clientele or luxury markets tend to accept Amex. When considering payment methods for your small business, it's worth evaluating if Amex is a good fit for your target audience.

Can I Use Credit Cards for PayNow?

While PayNow is primarily designed for bank transfers, you may wonder if it's possible to link a credit card to PayNow. Currently, PayNow in Singapore does not support payments through credit cards directly. However, third-party services like GrabPay or FavePay offer ways to link credit cards, allowing for more flexibility in your payment options.

2) Bank transfer

Popular bank transfer payment methods in Singapore: OCBC PayAnyone, DBS iBanking, UOB TMRW, Trust Bank

Pros:

  • Instant and secure transfers, if done through FAST or PayNow QR
  • Available 24/7

Cons:

  • Significant fees may apply for overseas transfers

How to set up bank transfer via PayNow online and in person:

From your HitPay dashboard, go to Settings > Payment Methods > PayNow and enter the required details. View step-by-step instructions to enable PayNow instantly.

3) QR code payments

Popular QR code payment methods in Singapore: PayNow QR, Scan to Pay, SGQR

Pros:

  • Easy, versatile, and fast method to accept in-person payments
  • Low processing fees

Cons:

  • Requires an internet connection and a working smartphone

How to set up Scan to Pay
Enter the amount to charge on the HitPay mobile app (Apple App Store/Google Play Store) and generate a QR code. Once done, ask your customer to scan the generated QR code with their phone camera or QR code scanner to complete payment.

4) Digital wallets

Popular digital wallet payment methods in Singapore: GrabPay, FavePay, ShopeePay, Apple Pay, Google Pay

Pros:

  • Allows purchases from customers without a credit card or bank account
  • Provides multiple payment options for customers
  • Customers can enjoy other incentives like cashback or loyalty programs

Cons:

  • Requires a smartphone and internet access
  • Choosing a digital wallet can be confusing

How to set up digital wallet payment methods on HitPay

From your HitPay dashboard, go to Settings > Payment Methods, where you can connect the digital wallets you wish to offer from one dashboard. Setup is instant with no coding required.

5) Buy now pay later (BNPL)

How Buy Now, Pay Later works in Singapore

Popular buy-now, pay later payment methods in Singapore: Atome, Grab PayLater, ShopBack PayLater

Pros:

  • Improves sales by making it easier to pay
  • Encourages customers to spend more as they have greater payment flexibility
  • Businesses get paid in full upfront
  • Integrates with HitPay POS for in-store payments

Cons:

  • Higher transaction fees compared to other payment methods in Singapore

How to set up BNPL on your website or for POS payments

Follow these step-by-step instructions to set up BNPL methods on HitPay

Which payment methods should my business offer?

Our advice? Pick one or two of the popular payment methods to start.

Once you are comfortable with digital payments, it's best to offer as many payment methods as possible to attract new customers and reduce abandoned carts. With an all-in-one payment gateway for SMEs like HitPay, you can save valuable time on setup while helping your customers choose their favourite way to pay.

Accept all Singapore’s popular payment methods with HitPay. Here’s what you can enjoy with HitPay’s payment gateway in Singapore.

All payment methods in Singapore with one integration
HitPay’s payment gateway supports over 30 popular payment methods in Singapore, from credit card payments, PayNow QR to buy-now-pay-later apps like Atome and Grab PayLater in Singapore with one account, saving valuable time.

Reduce time spent reconciling payments
You can see all your sales across all active payment methods on your HitPay dashboard, which makes accounting easier.

Transparent pricing
Unlike other online payment gateways in Singapore, HitPay uses a simple pay-per-transaction model without contract lock-in or recurring costs. View our pricing here.

More than a payment gateway
Besides making it easier to get paid, HitPay includes free business tools to manage every aspect of your small business, including:

To sum up, Singapore payment trends are shifting toward contactless and digital solutions. Payment methods such as PayNow QR, BNPL (Buy-Now-Pay-Later), and digital wallets are rising in popularity, making it essential for businesses to adopt these technologies. Experts predict that digital wallets like GrabPay and FavePay will soon surpass traditional credit cards as the leading payment method in Singapore. Additionally, QR code payment Singapore options are gaining traction in both physical and online retail spaces.

Offering these Singapore contactless payment methods not only meets evolving consumer expectations but also ensures businesses can stay competitive in an increasingly cashless society.

Enjoy a one-stop payment solution with the best payment gateway in Singapore

Follow these step-by-step instructions to set up your preferred payment methods in Singapore on HitPay in minutes

Ready to experience the ease of HitPay? Contact our team for a free demo today!

About HitPay
HitPay is a one-stop commerce platform that aims to empower SMEs with no code, full-stack payment gateway solutions. Thousands of merchants have grown with HitPay's products, helping them receive in-person and online contactless payments with ease. Join our growing merchant community today!

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