Singapore is a major fintech hub in Southeast Asia, known for its progressive regulations, tech-driven financial ecosystem, and pro-business environment. With a population that’s highly digital-savvy and a strong base of international companies, the need for local payments platforms in Singapore has skyrocketed.
From e-commerce merchants and SaaS businesses to high-risk and crypto startups, everyone needs efficient, compliant, and cost-effective ways to accept and send payments. In this article, we look at the 9 best local payments platforms in Singapore, focusing on their features, strengths, and suitability for different business types.
1. HitPay
Best for: Small businesses and no-code users
Overview:
HitPay offers a plug-and-play payment infrastructure that helps local businesses accept payments via PayNow, cards, GrabPay, Apple Pay, and Google Pay. It’s ideal for SMEs and startups that want a quick setup with minimal technical resources.
Features:
- PayNow and QR-based collections
- Shopify, WooCommerce, and Wix integrations
- Invoicing and subscriptions
- No setup fees
Strengths: Easy to implement, local payment modes, zero monthly cost
Limitations: Less suited for high-risk or large enterprise operations
2. Rely
Best for: Buy Now, Pay Later (BNPL) for e-commerce stores
Overview:
Rely is Singapore’s homegrown BNPL solution. It lets merchants offer installment plans to customers without interest. It’s popular among fashion, electronics, and lifestyle brands.
Features:
- Instant approval BNPL
- Risk management handled by Rely
- Seamless checkout integrations
- Local regulatory compliance
Strengths: Boosts conversion, user-friendly interface, local consumer trust
Limitations: Focused only on BNPL — not a full payment gateway
3. FOMO Pay
Best for: Merchants targeting tourists and regional customers
Overview:
FOMO Pay connects merchants with a suite of Asian payment methods such as WeChat Pay, Alipay, and UnionPay, along with PayNow. It’s one of the first platforms licensed under the Singapore Payment Services Act.
Features:
- QR code payments
- Integration with POS systems
- Cross-border settlement options
- Supports crypto and central bank digital currency (CBDC) trials
Strengths: Strong for inbound tourism, supports RMB/crypto payments
Limitations: Limited support for credit card acquiring
4. PayNow Corporate
Best for: Local bank transfers and B2B collections
Overview:
PayNow Corporate is not a platform by itself, but rather an essential infrastructure supported by Singapore’s nine major banks. It allows businesses to receive payments via NRIC, UEN, or mobile number.
Features:
- Instant peer-to-business transfer
- Free or low-cost to use
- Secure and regulated
Strengths: Extremely low transaction cost, trusted bank ecosystem
Limitations: Only supports local SGD payments, no card processing
5. Xfers (now FazzPay)
Best for: API-driven fintech startups and digital platforms
Overview:
Xfers, rebranded as FazzPay, offers digital wallets, virtual accounts, and PayNow integrations for platforms that need embedded financial features. It’s backed by Fazz Financial, a regional fintech group.
Features:
- Digital wallets with SGD balances
- Disbursement APIs
- Escrow and funds management
- MAS-licensed and sandbox tested
Strengths: Powerful for fintechs, strong compliance backbone
Limitations: Requires developer resources
6. GrabPay
Best for: Micro-merchants and digital natives
Overview:
As part of the Grab ecosystem, GrabPay provides a wallet-based solution accepted at thousands of physical and online merchants in Singapore. Businesses can integrate it via Stripe or direct APIs.
Features:
- QR code payments
- Loyalty integration with GrabRewards
- BNPL via PayLater by Grab
Strengths: Widely adopted, excellent brand recall
Limitations: Not ideal for businesses needing international cards
7. Liquid Group
Best for: Enterprises needing payment orchestration and white-labeling
Overview:
Liquid Group offers enterprise-level solutions, including payment switch infrastructure, cross-border QR payments, and loyalty systems. They’re also a participant in Singapore’s Project Orchid and MAS trials.
Features:
- Customizable merchant acquiring
- White-label QR platforms
- Analytics dashboard
- Local and regional QR interoperability
Strengths: Enterprise-ready, QR payments expert
Limitations: Complex setup, not for small businesses
8. eNETS (by NETS)
Best for: Government agencies and legacy businesses
Overview:
eNETS, part of the National Electronic Payment System, is Singapore’s oldest payment gateway. It supports direct debit, credit cards, and PayNow.
Features:
- MAS-regulated
- Works well with Singapore banks
- Used in public services and utilities
Strengths: Established player, secure reputation
Limitations: Dated user experience compared to newer fintechs
9. Stripe Singapore (Localized)
Best for: Global businesses with a local presence
Overview:
Stripe offers its robust global infrastructure with local optimization for Singapore, including PayNow and direct SGD settlements.
Features:
- All-in-one API
- Instant onboarding
- Recurring billing and subscriptions
- Supports local wallets like GrabPay
Strengths: Ideal for scale, developer-first, global reach
Limitations: May be overkill for small offline merchants
Why Local Payments Platforms Matter in Singapore
- Trust and Familiarity: Consumers trust platforms like PayNow, GrabPay, and NETS.
- Cost Efficiency: Local payment rails often have lower fees than card schemes.
- Regulatory Alignment: Singapore’s MAS requires data residency, auditability, and KYC for many financial flows.
- Cross-Border Gateway: Local platforms increasingly support QR interoperability with Malaysia, Indonesia, and China.
Final Thoughts
When selecting a local payments platform in Singapore, merchants should look beyond just price or popularity. Integration needs, transaction volume, regulatory risk, and cross-border potential all matter.
Whether you’re a high-risk crypto platform or a local florist selling via Instagram, Singapore has a rich ecosystem of payment providers to match your scale and compliance needs.
For high-risk merchants, platforms like FOMO Pay and Xfers (FazzPay) offer more flexibility. For simple retail use, HitPay, PayNow, or GrabPay will do the job. And if you’re building for global scale with local customization, Stripe is hard to beat.
