Accept PayNow QR, Credit Cards, Atome BNPL, and More
If you run a small business in Singapore, chances are that customers have asked if you accept digital payment options like PayNow, GrabPay, or Atome BNPL. With digital payment methods on the rise, knowing which ones to offer can help you meet customer demand and streamline your payment process.
In this quick guide, we’ll explore some of the most popular payment methods in Singapore, breaking down the advantages and setup steps for each. Whether you’re a physical store or an online business, find out how to accept payments like Visa, Mastercard, Atome, and PayNow with no coding required.
Popular Payment Options in Singapore
Singapore’s payment landscape is diverse. Credit and debit cards remain widely used, with Visa, Mastercard, and Amex as the top choices. In addition, digital wallets like GrabPay and FavePay have become a convenient, cashless way for customers to make purchases. Here are five must-have payment options for businesses in Singapore:
1. Credit/Debit Cards
Credit and debit cards are a staple for businesses. Visa and Mastercard, in particular, are widely used for everything from retail shopping to public transportation. According to a 2023 Visa study, 97% of Singaporeans have used cards for contactless payments.
Pros: Highly popular, convenient for customers.
Cons: High transaction fees, often around 4% per transaction.
How to Set Up: With HitPay, you can easily start accepting Visa, Mastercard, UnionPay, and AMEX payments in-store and online through the HitPay app or a card terminal.
2. Bank Transfers via PayNow
PayNow is a popular payment option with over 80% of Singapore’s population using it. It’s quick and direct, with transfers typically completed within a day.
Pros: Direct, instant, and secure transactions.
Cons: Currently does not support credit card payments directly, though third-party services like GrabPay offer linked options.
How to Set Up: On HitPay, simply navigate to Settings > Payment Methods > PayNow to add this option and allow customers to pay via their Unique Entity Number (UEN).
3. QR Code Payments
QR code payments, especially through Singapore’s SGQR system, have become a standard payment method. Launched in 2018, SGQR allows customers to scan a code and pay through their preferred digital wallet or bank account.
Pros: Quick, secure, and highly accessible.
Cons: Requires a smartphone and an internet connection.
How to Set Up: On the HitPay mobile app, input the payment amount and generate a QR code. Customers can then scan and pay easily.—
4. Digital Wallets
Digital wallets like GrabPay, DBS PayLah!, and FavePay have gained immense popularity and are projected to become the leading online payment option in Singapore by 2026. These wallets offer flexibility, security, and often rewards for customers.
Pros: Multiple payment options and incentives for customers.
Cons: Requires a smartphone, and selecting the right wallet can be overwhelming.
How to Set Up: Through HitPay’s dashboard, you can link multiple digital wallets, including GrabPay and FavePay, in one place with no coding required.
5. Buy-Now-Pay-Later (BNPL)
BNPL options such as Atome and Grab PayLater let customers spread payments over multiple installments, while your business receives full payment upfront.
Pros: Improves sales and provides payment flexibility.
Cons: Higher transaction fees than other options.
How to Set Up: Use HitPay’s dashboard to enable BNPL options for both online and POS sales, giving your customers more ways to complete their purchases.
Choosing the Right Payment Methods for Your Business
Starting with one or two options is advisable, especially if you’re new to digital payments. As your business grows, consider adding more payment methods to appeal to a broader customer base. With a payment gateway like HitPay, you can manage multiple payment methods from one dashboard, making it easy to expand your options.
Why HitPay?
With HitPay’s all-in-one payment gateway, you can
Integrate multiple payment methods with a single setup.
Easily manage and reconcile payments with a streamlined dashboard.
Access additional tools such as e-commerce integrations, recurring billing, and accounting software.
Get Started Today
Ready to simplify payments for your business? Contact HitPay for a free demo and experience the ease of an integrated, no-code solution tailored for small businesses in Singapore.