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 also show you the easiest way to accept payment methods like Visa, Mastercard, Atome, and PayNow, with no coding required.

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).

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.

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 like digital wallets for convenience, security, and ease of use, so it’s worth offering payments by digital wallets to 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.

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


  • Widely used in Singapore
  • Saves time manually processing cash


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.

2) Bank transfer

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


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


  • 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


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


  • 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


  • 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


  • 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


  • 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


  • 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:

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

Got questions? Contact our support team here.

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!