Published Oct 27, 2022

Top 10 Payment Gateways In Singapore (+ Tips On How To Choose One!)

Table of contents

Most online businesses can’t run without a payment gateway, just like fish can’t live without water. How so?

A payment gateway transfers financial data among necessary financial institutions to authorize card or mobile wallet transactions, so you can actually get paid for the purchases made by your customers. That’s why a payment gateway is an essential component of e-commerce payment processing.

In this article, we’ve rounded up a list of top 10 payment gateways in Singapore. If you’re looking for a payment gateway for your e-commerce business in Singapore, be sure to check them out!

  • What is a payment gateway?
  • Top 10 payment gateways in Singapore
  • How to choose a payment gateway in Singapore?
  • Some last words

What is a payment gateway?

A payment gateway is a technology solution that reads and transmits payment information from customers for processing.

For any business with a digital storefront, an online payment gateway is essential for accepting card or mobile wallet payments from purchasers. Without one, you’ll lack the mechanism to connect with customers in online transactions.

Top 10 payment gateways in Singapore

Singapore, brimming with potential in the e-commerce scene, is home to many payment gateways. Some of these have been around for quite a while and some have only been introduced to the public as recently as 2019.

With their own twists and options for buyers and sellers alike, it’s important to understand the features and functions that each of them offers to see which best fits your business needs.

Check out 10 of the best payment gateways in Singapore below!

1. PayPal

A mainstay in the payments sector, PayPal, is best known for its safe and secure payment processing. In fact, an Ipsos study found that consumers are 54% more willing to buy when a business accepts PayPal, especially in unfamiliar situations.

To use PayPal for online payments, users simply have to link their bank accounts or debit/credit cards to the platform. They can then use PayPal to make purchases from participating stores.

As a business, you can register for a PayPal Business Account. By doing so, you can securely accept online payments regardless of whether a customer wishes to pay via debit or credit.

PayPal transaction fees: 3.9% + S$0.5 for domestic transactions and 4.4% + fixed fee (depending on the region) for international transactions.

2. Opn Payments (formerly Omise)

Opn Payments, formerly known as Omise, is a payment gateway that connects businesses with consumers who already have access to mobile wallets. While Opn Payments has remarkable integrations with e-wallets such as Google Pay and GrabPay, paying via debit or credit cards and PayNow still remain viable options.

With Opn Payments, businesses can have their buyers pay in installments over a set number of months. Scheduled billings and auto payouts are also options for businesses that may help streamline payment processes and better cater to varying buyers.

Opn Payments transaction fees: Credit and debit card transactions are usually charged a 3.3% + S$0.3 fee, while Alipay, Kakao Pay and GCash transactions are charged 2.9%.

3. Choco Payment

Launched by Choco Up, a global technology and financial services platform, Choco Payment is an online payment solution designed for all business types.

It supports payments in over 130 countries and serves as a fully-customizable online payment collection platform for startups, SMEs and major corporations alike. Though fully customizable, the setting up this online payment collection tool requires no prior coding experience.

A special feature of Choco Payment is that it’s embedded with revenue-based financing (a type of business funding), making it ideal for businesses that need quick cash injections, such as for overcoming temporary cash flow gaps or financing inventory purchases, from time to time.

You can learn more about Choco Payment here.

Choco Payment transaction fees: Fees start at 3.2% + HK$2.35.

4. Stripe

Stripe is also one of the better-known payment gateways that claims to process hundreds of billions of dollars per year. It allows its users to make payments in different currencies in what’s referred to as the Stripe Terminal.

Because of its user and developer-friendly API, many businesses have turned to Stripe to expedite the payment collection process.

Stripe is also SSL (Security Socket Layer) protected, which means users’ financial information, such as credit/debit cards and bank account details, are duly encrypted and kept safe when making online transactions.

Stripe transaction fees: Transaction fees start at 3.4% + S$0.5 for card payments. Charges for Alipay and WeChat Pay are 2.2% + S$0.35, whereas the fee for GrabPay is 3.3%.

Based on considerations such as fees and functionalities, however, some digital merchants may find other payment gateways better suited to their needs. Check out our list of e-commerce alternatives to Stripe or Square to learn more.

5. Atome

Launched in 2019, Atome is one of the newer payment gateways in Singapore. It has a buy now, pay later (BNPL) option that allows customers to split payments into three interest-free installments, enabling them to make purchases today and pay for them later.

Offering ample flexibility and eliminating the pressure of having to make upfront payments for their purchases, Atome’s BNPL solution has found favor with consumers. It’s also welcomed by merchants, who benefit from improved conversion rates and higher average basket sizes.

Atome transaction fees: They don’t charge setup fees but instead take an MDR (Merchant Discount Rate) fee per transaction. While the fee may not be fixed or seen on their website, you may ask for a quote depending on your current revenue.

6. HitPay

HitPay’s services are complete for SMEs. They have prepared payment solutions that require zero coding, no subscription or hidden fees. Something they do have, however, is a full range of payment methods from Apple Pay all the way to PayLater by Grab.

On top of payment processing, HitPay also helps businesses with bookkeeping through seamless integrations with accounting software such as Xero and Quickbooks.

Other integration options include those with e-commerce platforms, such as Shopify, Magento, WooCommerce and Wix, so merchants using these tools can easily use HitPay to accept payments.

HitPay transaction fees: Fees for card-based online transactions start at 2.8% + S$0.5, whereas those for Alipay and GrabPay are 2.7% + S$0.35 and 3% respectively.

7. Liquid Gateway

Like a few other solutions on this list, Liquid Gateway is a payment gateway in Singapore that is SME-friendly. Liquid Gateway is globally secured and designed to fend off attempts at fraud and potential cyberattacks.

They have a team of support officers you can get in touch with via email or WhatsApp in the event you run into any issues, and their platform also offers reports and data analysis on your monthly performance so you can keep better track of your business.

Liquid Gateway transaction fees: The transaction fee is kept constant at 3% Payment Card Charge + US$0.5 processing fee.

8. Eway Singapore

Eway Singapore promises good value for money as a result of their flat rates and assures that no hidden costs are involved.

Payments with Eway can be fast and secure, and they offer considerable support for both developers and merchants so that you can easily integrate their payment portals with your app or website.

They also have a dedicated online enquiry section on their website where you can send emails during business hours, or you can contact their Phone Tech support team from Monday to Friday, 5:00am-5:00pm SGT.

Eway Singapore transaction fees: The transaction fee is set at 3.4% + S$0.40 with no setup fee. Volume discounts are available to businesses of larger sizes, but you may have to contact their sales managers for details.

9. Adyen

Founded in 2006, Adyen is a Dutch-based payment services provider that works best for businesses that wish to provide localized payment options to global customers. Many of the world’s leading brands like LinkedIn,, and SHEIN use Adyen as their payment gateways.

On top of being a payment gateway, Adyen also provides insights that can help a business grow while minimizing and monitoring any attempts at fraud. 

Adyen transaction fees: Transaction fees start €0.10 + a fee determined by the chosen payment method.

10. SmoovPay

SmoovPay aims to provide secure, affordable, and easy debit & credit card payment collection services for digital merchants. It enables businesses to accept credit card payments through tablets and desktops, and boasts a 3D authentication system that protects your transactions and customers’ data.

SmoovPay also has a PayMe (mini POS) service that allows merchants to collect debit and credit card payments using only your mobile phone!

SmoovPay transaction fees: You’ll only have to pay when you make a sale. There is no setup fee and the transaction fee starts at 2.9% of the total sale amount + a fixed fee of S$0.25 per transaction. Lastly, withdrawing every month is free.

How to choose a payment gateway in Singapore?

When choosing the best payment gateway for your business, it’s best to consider a few things like the fees and costs, integrations, safety, and security and accepted payment methods. Some factors for choosing a payment gateway are listed below.

1. Fees and costs: How much do they charge?

Maximizing profit margins while maintaining the best checkout experience for the customer would be optimal for the business. As such, you may refer to the transaction fees we’ve provided to aid you in deciding.

2. Supported platforms and integrations

For merchants that have their online stores hosted on e-commerce platforms like Shopify, WooCommerce and Wix, there are payment gateways that can be installed as an app or plugin to the shop itself to avoid wasting much-needed time in the setup process.

3. Security: Can they keep your transactions safe?

To alleviate the worries of your customers, you should consider choosing the safest and most secure encryption. While it may be hard to quantify the levels of security right away, what can be done is to check on their past track record.

Choco Payment, for example, uses AES Encryption and isolated infrastructure for storing, decrypting and transmitting payments. You can then be assured that transactions processed by the payment gateway are safe and secure.

4. Accepted payment methods

Some payment gateways may accept more payment methods. You may want to consider choosing a payment gateway that accepts a diverse range of payment methods — at least in the context of your target demographics.

For example, Ayden and Atome may work best if your target demographic is the millennial population, whereas PayPal and Choco Payment can be used for a much wider and more general range of customers.

5. Reputation: Who knows this payment gateway in Singapore?

A payment gateway’s reputation should also be a factor to consider, as the service provider you use may make customers more or less likely to buy from your store.

Atome, for instance, may be relatively new to the payments scene yet widely popular for its buy now, pay later option, whereas PayPal has a longstanding reputation as a reliable platform.

More obscure and less-known options, on the other hand, may discourage your customers from completing any transactions due to fears about their data’s safety.

Some last words

As with many other things, knowledge of payment gateways may not be enough to make the best overall decision. Experiencing how these payment gateways serve the business may help the business see things on the consumers’ end and achieve a better understanding of what needs to be done for your business’ continued success.

If you haven’t yet decided which payment gateway in Singapore is best for you, consider using our own Choco Payment — Asia’s first online payment solution embedded with revenue-based financing — to address your payment and funding needs.

Getting paid shouldn’t be one of your challenges in running an e-commerce business. At Choco Up, we take care of your payments safely and securely, and give you the support you need to grow your business.

Learn more about Choco Payment here, or explore our funding to fuel your business’s growth today!