Local and international payment methods for e-commerce businesses in Singapore in 2026

Local payment methods your Singapore customers expect in 2026

Singapore has one of the most advanced digital payment systems in the world. Most local customers already use digital payments daily, so they expect businesses to support them.

PayNow

Despite being a relatively new entrant amongst other payment systems, PayNow has become one of the most popular and widely used electronic fund transfer services in the country.

PayNow allows customers to send money instantly using their mobile number, NRIC, or business UEN instead of entering bank account details.

For businesses, this usually appears as a PayNow QR code at checkout. The customer scans the QR code using their banking app, and the payment is completed instantly.

Why many businesses like PayNow:

• Payments are instant
• Customers can pay using their banking apps
• No need to share bank account numbers
• Transaction costs are often lower than card payments

Moreover, because PayNow works through Singapore’s banking network, it is widely trusted and extremely convenient for local customers.

Fast and secure transfers (FAST)

As its name suggests, FAST is a quick and easy way to make local transfers within one local bank. Unlike other transfer methods that have specific cut-off times, this real-time electronic funds transfer service allows users to transfer money 24/7.

When someone sends money using PayNow, FAST is usually the underlying infrastructure.

Why businesses should support FAST:

• Enables instant payments through services like PayNow, allowing customers to complete checkout quickly
• Reduces payment delays because transfers settle in real-time 
• Supports higher transaction limits, making it suitable for larger online purchases 
• Improves cash flow as businesses receive funds immediately after a successful transaction

Since it is widely used across Singapore's banking network, almost anyone can receive and send payments via FAST as long as they have an internet banking account and a mobile device or computer. FAST has become an essential infrastructure for local businesses.

With your device, all that's left to do is log into your bank's internet portal, enter the recipient's bank account number, and you're all set. The transfer completes in real time, 24/7, and is typically free for retail customers.

Network for electronic transfer (NETS)

Better known as NETS amongst Singapore residents, Network for Electronic Transfer is a local payment processing service collectively owned by three of the country's major banks: DBS Bank, OCBC, and UOB. 

Unlike debit and credit cards, NETS payments are deducted instantly at the point of purchase, with the amount reflected in your bank balance.

Advantages of NETS for businesses:

• Lower commission fees compared to credit card processing
• Instant settlement
• Wide acceptance across Singapore
• Integration with SGQR for QR code payments
• Suitable for retail and everyday services

On top of that, NETS payments are often encouraged by retailers and merchants because they have lower commission fees than debit card fees. If you're looking for a secure payment network that also lets you save, consider making NETS your preferred payment method.

General interbank recurring order (GIRO) payment

GIRO is an automated payment system that allows organisations to collect recurring payments directly from a customer’s bank account.

Businesses often use GIRO as it:

• Automates recurring payments for subscriptions or membership-based services
• Reduces missed payments because charges are deducted automatically
• Lower processing costs compared to some card payments
• Works through Singapore's banking network, making it widely trusted by customers

GIRO payments can be made in two ways: GIRO direct debit and GIRO on-demand. Direct debit services allow billing organisations to automatically make deductions from your bank account regularly, while on-demand services only deduct from your account after you've initiated the instruction manually through mobile or internet services, giving you better control of your expenses. 

Credit and debit cards

Credit and debit cards remain one of the most common payment methods worldwide.

Most e-commerce businesses accept cards from major networks such as:

• Visa
• Mastercard
• American Express

Why e-commerce businesses should accept card payments

• Widely trusted payment method for both local and international shoppers
• Seamless integration with payment gateways and online checkout systems
• Supports cross-border transactions, allowing businesses to sell globally
• Reliable fraud protection and dispute handling systems

Typical processing fees for merchants usually range between 2% to 3.5% per transaction, depending on the payment processor and card type.

Even though card fees are higher than some local payment options, they are essential if you want to serve local as well as international buyers.

Local digital wallets

Digital wallets allow customers to pay quickly using their mobile devices without manually entering card details at checkout.

Examples of local digital wallets in Singapore

• GrabPay
• ShopeePay

Why businesses should support it

• Popular payment option among local users
• Integrated with widely used apps and digital ecosystems
• Frequent promotions and cashback campaigns that attract customers
• Faster checkout experience, especially on mobile devices
• Helps improve conversion rates for local online transactions

Buy now, pay later (BNPL)

Buy now, pay later services allow customers to split a purchase into several smaller instalments.

Some popular BNPL providers in Singapore include:

• Atome
• Grab PayLater
• Pace

Why businesses support BNPL

• Helps customers spread payments over time, making purchases more affordable
• Can increase checkout conversion rates by reducing upfront cost barriers
• Particularly useful for higher value products such as electronics, travel, or lifestyle purchases

Payment methods for international customers in 2026

Credit and debit cards are widely used for both local and international payments. However, businesses can also explore alternatives such as the following.

SWIFT

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network connects more than 11,000 financial institutions across over 200 countries and territories.

Key characteristics of SWIFT include:

• Uses the ISO 20022 messaging standard for payment instructions
• Sends payment messages between banks rather than transferring money directly
• Funds move through correspondent (intermediary) banks before reaching the final destination
• Provides secure messaging and transaction traceability

Most SWIFT transfers typically take one to five business days, depending on the countries and banks involved.

Benefits of using SWIFT for businesses

• Global reach across thousands of financial institutions
• Secure payment messaging between banks
• Transaction traceability through banking systems
• Suitable for large international transfers

International digital wallets

International digital wallets enable customers from different countries to complete payments quickly on their mobile devices or with stored card details, making cross-border transactions smoother for online businesses.

Examples of international digital wallets

• Apple Pay
• Google Pay

Why businesses should support it

• Fast mobile checkout experience
• Biometric authentication, such as Face ID or fingerprint, for added security
• Works seamlessly with existing credit and debit card payment systems
• Widely used for cross-border e-commerce transactions
• Helps improve conversion rates by reducing checkout friction

Payment processors for accepting payments in 2026

If you've heard of PayPal or Stripe, then you already have a rough gauge on how online credit card processors work. Primarily focused on e-commerce, these payment processing platforms act as middlemen between merchants and banks or card networks, and accept customer payments.

Stripe 

Stripe is popular with online businesses because it offers powerful tools and flexible integrations.

Advantages of Stripe

• Better developer tools and API
• Lower per-transaction costs
• Excellent for subscription businesses (no additional monthly fees)
• Supports 135+ currencies
• Custom rates available for high-volume businesses

Standard pricing of Stripe

• Online payments: 3.4% + $0.50 per successful transaction for domestic cards³
• International cards: +0.5% surcharge
• Currency conversion: +2% fee
• Chargeback fee: SGD $15
• Settlement: 2-7 days, depending on the country

PayPal 

PayPal remains one of the most recognised online payment brands in the world.

Many customers trust PayPal because they can pay without sharing their card details directly with the merchant.

Advantages of Paypal

• High consumer trust and recognition
• Simpler integration (minimal coding required)
• Built-in BNPL option (Pay in 4)
• Peer-to-peer payments via Venmo
• Better for micropayments

Standard pricing of Paypal

• Online Paypal checkout: 3.49% + SGD $0.69⁴
• Standard card payments: 2.99% + SGD $0.69
• International sales: +1.5% extra
• Chargeback fee: SGD $28⁵
• Settlement: 1 business day

While most platforms have similar functions, it is useful to know the services, fee agreements, integration processes, and the number of currencies available before making a decision.

In addition to facilitating payments and transfers between businesses and their customers, both platforms support recurring billing and invoicing.

Find the ideal payment system for your e-commerce business in 2026

Settling on the ideal payment system for your e-commerce business may be a struggle in the beginning, but these examples above can help you gain a better idea of the options available to you.

If you frequently make both domestic and cross-border transfers or payments, consider using a mix of local and foreign payment methods to diversify your options and better serve your customers. Since there is no one-size-fits-all solution for payment networks, ensure you thoroughly assess all your options before making your final decision.

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