Choosing the Right Online Payment Gateway for Your Singapore Business

What’s This All About?

If you’re running a business in Singapore, you’ve probably noticed how quickly we’re moving toward a cashless society. E-commerce is booming, and customers expect smooth, hassle-free payment options when shopping online. But with so many payment gateways to choose from, how do you know which one is right for your business?

I’ve taken a deep dive into five popular payment gateways available in Singapore—Fiuu Pay, Hitpay, Airwallex, Stripe, and PayPal—to help you make an informed decision. Let’s break down what each has to offer.

The Quick Rundown

Before we dive into the details, here’s a snapshot of each gateway:

• Fiuu Pay (formerly Razer Merchant Services): Strong in Southeast Asia with tons of local payment methods
• Hitpay: Clear pricing and super user-friendly, especially for small businesses
• Airwallex: Excellent for handling multiple currencies and global transactions
• Stripe: Developer-friendly with powerful customization options
• PayPal: Globally recognized brand with a massive user base

Let’s Talk About Fiuu Pay

What’s the deal with Fiuu Pay?

Fiuu Pay (previously known as Razer Merchant Services) is a payment gateway focused on Southeast Asia. If you’re targeting customers in Malaysia, Singapore, Indonesia, Philippines, Vietnam, and Thailand, this one’s worth considering. They rebranded from Razer Merchant Services in March 2024, now operating as an independent subsidiary of Razer Inc.

The costs

Fiuu Pay offers tiered pricing with Lite and Premium packages. The Premium package includes credit/debit card processing at 2.4%, for common merchants, the local card processing fee is 2.8%, without the usual 0.5 SGD fixed transaction fee, e-wallet processing at rates between 1.5% and 1.7%, also without the 0.50 SGD fixed transaction fee, and various Buy Now Pay Later options. If you are building a website and want to integrate Fiuu Pay, you may consider Vue Tech SG.

What currencies can I use?

They support several currencies including SGD, PHP, IDR, VND, THB, AUD, DKK, CHF, USD, and MYR—giving you good coverage for Southeast Asian markets.

What payment methods do they accept?

This is where Fiuu Pay really shines. They support over 110 payment methods across Southeast Asia, including:

• Cards: Mastercard, VISA, Diners Club, JCB, UnionPay
• Digital wallets: Apple Pay, Samsung Pay, Google Pay, Huawei Pay
• Internet banking: PayNow, DBS, OCBC, UOB, and other major banks
• E-wallets: GrabPay, Shopee Pay, Alipay, WeChat Pay
• Even cryptocurrencies like Bitcoin and Ethereum

How easy is it to set up?

Fiuu Pay offers plugins for platforms like Shopify, Woocommerce, and SiteGiant. API documentation for custom integrations, and a “Mobile XDK” for mobile applications. They also provide a Telegram developer forum for support.

Is it secure?

Yes—they’re PCI DSS Service Provider Level 1 compliant and have ISO 27001:2022 certification. They use tokenization to replace sensitive card details and claim to have one of the lowest dispute transaction ratios in the industry.

What about support?

Technical support is available via email at [email protected], and they offer dedicated account managers for business clients.

How do I get my money?

Clients can select daily or weekly settlement, the settlement fee can be waived under certain conditions.

Looking at Hitpay

What’s Hitpay all about?

Hitpay focuses on providing all-in-one payment solutions for small and medium-sized businesses in Singapore and the APAC region. Their website is hitpayapp.com/sg/.

The costs

Hitpay uses a transparent pay-per-transaction model with no subscription or hidden fees. For online payments, rates range from 0.65% + S$0.30 for PayNow (for transactions ≥ S$100) to 5.5% for various Buy Now Pay Later options, the local card payment fee is 2.8% + 0.50 SGD. The in-person payments are generally cheaper, with rates like 2.5% for domestic cards and 0.4% for PayNow. They also offer custom pricing for high-volume businesses.

What currencies can I use?

Hitpay supports more than 150 currencies, including SGD, IDR, MYR, VND, PHP, THB, INR, CNY, and AUD.

What payment methods do they accept?

They support over 50 payment methods, including:

• Cards: Visa, Mastercard, American Express
• Digital wallets: PayNow, GrabPay, ShopeePay, Apple Pay, Google Pay
• Buy Now, Pay Later: PayLater by Grab, SPayLater, ShopBack PayLater, Atome
• Others: UnionPay, WeChat Pay, Alipay, and UPI (for Indian consumers)

How easy is it to set up?

Hitpay offers plugins for Shopify, WooCommerce, and Magento, as well as robust APIs. For businesses without a website, they provide payment links and recurring billing options. Many integration options require no coding knowledge, making it accessible for SMEs.

Is it secure?

Hitpay is PCI DSS compliant and uses advanced encryption, 2-Factor Authentication, and Transport Layer Security. They’ve partnered with Stripe for enhanced fraud detection and use tokenization to protect sensitive data.

What about support?

Support is available via email and WhatsApp, and they provide self-serve guides. User reviews generally praise their user-friendly interface and strong customer support.

How do I get my money?

Hitpay offers next-day payouts directly to business bank accounts and supports various local payment networks, including FAST in Singapore. For SGD payouts, they provide free local transfer options.

Airwallex in Focus

What’s the story with Airwallex?

Airwallex has its global headquarters in Singapore and is licensed by the Monetary Authority of Singapore as a Major Payment Institution. They’ve seen significant growth, with a 153% year-on-year revenue increase for FY2024. Their website is airwallex.com/sg/.

The costs

For domestic cards and wallets (Visa, Mastercard, AmEx, Apple Pay, Google Pay), Airwallex charges 3.30% + 0.50 SGD per transaction, with an additional 0.3% for international cards. Local payment methods cost 0.50 SGD plus a variable Payment Method Fee. Subscription management incurs a 0.40% fee per successful card transaction. They offer zero setup, maintenance, or hidden fees.

What currencies can I use?

Airwallex is a standout for currency support. Their Global Accounts feature allows businesses to receive funds in over 20 currencies, including USD, EUR, GBP, AUD, and many Asian currencies. They also offer a multi-currency wallet supporting over 23 currencies and facilitate global transfers to over 150 countries.

What payment methods do they accept?

They support major card networks (Visa, Mastercard, AmEx, UnionPay), digital wallets (Apple Pay, Google Pay), and over 160 local payment methods including WeChat Pay and GrabPay.

How easy is it to set up?

Airwallex offers both no-code solutions (Checkout, Payment Links) and plugins for Shopify, WooCommerce, and Magento. For more complex needs, they provide powerful APIs for custom solutions. This range accommodates businesses with varying technical expertise.

Is it secure?

Airwallex is compliant with PCI DSS, SOC1, and SOC2 requirements. They implement 24/7 monitored security controls, fraud prevention features, and advanced liveness checks during onboarding.

What about support?

They offer a comprehensive help center with a blog and detailed FAQ section. While they don’t currently have live chat support, they provide dedicated account managers for business clients and technical support staff.

How do I get my money?

Airwallex facilitates fast global transfers and offers free local transfers within their network. A key advantage is their like-for-like settlement in multiple currencies, allowing businesses to receive payouts without currency conversion fees.

The Scoop on Stripe

What’s Stripe all about?

Stripe is a globally recognized payment gateway supporting millions of companies worldwide. Their Singapore-specific website is stripe.com/en-sg/.

The costs

For domestic cards, Stripe charges 3.4% + S$0.50 per transaction, with an additional 0.5% for international cards. Digital wallet fees vary: standard card rates for Apple Pay and Google Pay, 3.3% for GrabPay, and 2.2% + S$0.35 for WeChat Pay and Alipay. PayNow transactions cost 1.3%. Additional fees apply for services like Instant Payouts (1%), Disputes (S$15.00), and Stripe Tax (0.5%).

What currencies can I use?

Stripe supports payments in over 135 currencies and facilitates cross-border selling to over 195 countries. They offer multi-currency settlement and adaptive pricing to help manage international transactions.

What payment methods do they accept?

Stripe accepts major card networks (Visa, Mastercard, AmEx, UnionPay, JCB), digital wallets (Apple Pay, Google Pay, Alipay, WeChat Pay, GrabPay), and local bank transfers via PayNow. In total, they support over 100 payment methods globally through a single integration.

How easy is it to set up?

Stripe offers Payment Links (no-code), Checkout (prebuilt payment form), and Elements (UI components). Their powerful APIs allow for highly customized payment flows, and they provide plugins for popular e-commerce platforms like Shopify and WooCommerce. Their extensive documentation and testing tools make integration easier for developers.

Is it secure?

Stripe is PCI DSS compliant and employs comprehensive security measures, including data encryption. Their fraud prevention system, Radar, uses machine learning to decrease fraud and improve authorization rates.

What about support?

Stripe offers support channels for sales inquiries, general help, and resources for media and press. They provide extensive documentation and a developer dashboard for technical users. Enterprise clients receive priority support. Reviews suggest mixed experiences with direct customer service, but their documentation is generally well-regarded.

How do I get my money?

Stripe offers unified payout options for online and in-person payments. Businesses can choose standard payout schedules or opt for Instant Payouts (for a fee). The Stripe Dashboard provides a comprehensive interface for managing payments and tracking payout status.

The PayPal Picture

What’s PayPal all about?

PayPal is a globally recognized brand with a substantial user base. They offer distinct account options for personal, small business, and enterprise users. Their Singapore website is paypal.com/sg/.

The costs

PayPal’s fee structure is complex and tiered based on monthly transaction volume. It includes fees for domestic and international transactions, fixed fees based on currency (S$0.50 for SGD), and additional charges for services like Online Card Payment Services, Payouts, Chargebacks, Disputes, Currency Conversions, and Withdrawals.

What currencies can I use?

PayPal supports a wide range of currencies for global transactions and offers multi-currency accounts for managing funds in different currencies.

What payment methods do they accept?

PayPal allows customers to pay using their PayPal accounts, linked bank accounts, or credit cards. They support major cards like Visa, Mastercard, Discover, and AmEx, as well as digital wallets such as GrabPay, Alipay, Apple Pay Web, and WeChat Pay.

How easy is it to set up?

PayPal offers various integration options, including PayPal Complete Payments (for online checkout and invoicing), PayPal.Me (for personalized payment links), and more traditional options like Website Payments Standard and Pro. PayPal Checkout provides a streamlined payment experience for online customers.

Is it secure?

PayPal offers 24/7 fraud monitoring, seller and buyer protection policies, data encryption, and adheres to PCI compliance standards.

What about support?

PayPal provides a Help & FAQ section and various contact options. User reviews suggest reaching a live agent can sometimes be challenging, and experiences with fraud handling and account holds can vary.

How do I get my money?

Businesses can receive payments via PayPal.Me links and withdraw funds to bank accounts (free for SGD withdrawals above S$200, S$1.00 fee for amounts below S$200), to US bank accounts (3.00% fee), or to cards (1% fee, min S$0.50, max S$15.00). Currency conversions during withdrawals incur additional fees.

So, Which One’s Right for You?

Below is a comparison table:

Feature	Fiuu Pay (formerly RMS)	Hitpay	Airwallex	Stripe	PayPal
Signup URL (SG)	fiuu.com	hitpayapp.com/sg/	airwallex.com/sg/	stripe.com/en-sg/	paypal.com/sg/
Transaction Fees (Key highlights for SG)	Tiered (Lite & Premium), % of turnover, by default is 2.8% without a fixed 0.5 fee	Pay-per-transaction, varies by method (e.g., 2.8% + S$0.50 for domestic cards)	2.8% + 0.50 SGD for domestic cards, variable for local methods	Varies by method (e.g., 3.4% + S$0.50 for domestic cards), additional fees	Tiered (Lite & Premium), % of turnover, by default us 2.8% without a fixed 0.5 fee
Supported Currencies (Key highlights)	SGD, PHP, IDR, VND, THB, AUD, DKK, CHF, USD, MYR, SEA focus	150+ currencies, strong APAC support	20+ receive, 23+ wallet, 150+ transfer	135+ currencies, global reach	Numerous, inferred from fee tables, multi-currency accounts available
Accepted Payment Methods (Key highlights for SG)	Cards, Internet Banking (PayNow), E-wallets (GrabPay, ShopeePay), BNPL, Crypto	Cards, PayNow, GrabPay, ShopeePay, Apple/Google Pay, BNPL, QR, UPI	Cards, Apple/Google Pay, 160+ local methods (WeChat Pay, GrabPay)	Cards, Apple/Google Pay, GrabPay, WeChat/Alipay, PayNow, others	PayPal, Cards, APMs, Digital Wallets (GrabPay, Alipay), Bank Transfers
Integration Options (Key highlights)	Seamless, Plugins (Shopify, woocommerce, and SiteGiant), APIs, Mobile XDK	Plugins (Shopify, WooCommerce, Magento), APIs, Payment Links, Recurring Billing	Checkout, Plugins, Payment Links, APIs, No-code/Low-code options	Payment Links, Checkout, Elements, Powerful APIs, Extensive documentation	PayPal Checkout, PayPal.Me, APIs, Website Payments Standard/Pro
Security Measures (Key highlights)	PCI DSS Level 1, ISO 27001:2022, Tokenization, Low dispute ratio	PCI DSS compliant, Advanced encryption, 2FA, TLS, Tokenization, Fraud detection by Stripe	PCI DSS, SOC1, SOC2, 24/7 monitoring, Fraud prevention, Liveness checks	PCI DSS compliant, Data security & encryption, Regulatory licenses, Radar fraud prevention	Secure platform, 24/7 fraud monitoring, Buyer/Seller protection, Data encryption, PCI compliant
Customer Support (Key highlights)	Email, Dedicated account managers, contact Singapore distributor +65 8733 7266 for tiered pricing	Email, WhatsApp, Self-serve guides, Generally praised support	Help center, Dedicated account manager, Technical support	Comprehensive documentation, Developer support, Mixed user reviews	Help & FAQ, Contact options, Mixed user reviews
Payout Options (Key highlights)	daily/weekly settlement, can contact Singapore distributor +65 8733 7266 for tiered pricing	Direct bank transfer, Payout APIs (FAST), Next-day, Free local SGD transfer	Fast, cheaper global transfers, Free local, Like-for-like multi-currency settlement	Unified online/in-person, Instant (fee), USD (fee), Unified dashboard	PayPal.Me, Bank account (fees may apply), Cards (fees apply), US Bank account (fee)

The best payment gateway depends on your specific business needs:

• For startups and SMEs: Fiuu and Hitpay stands out with its user-friendly interface, transparent and lower pricing, and no-coding integration options.
• For high-volume businesses: Fiuu, Stripe or Airwallex offer custom pricing that could save you money as you scale.
• For Southeast Asian focus: Fiuu Pay or Hitpay excel with their strong regional payment method support.
• For global reach: Airwallex and Stripe offer excellent multi-currency support and international capabilities.
• For brand recognition: Fiuu, Stripe, and PayPal’s established reputation and large user base can boost customer confidence.
• For developer-friendly tools: Stripe leads the pack with its comprehensive APIs and customization options.

Remember, the right choice involves looking at security, ease of integration with your systems, customer support quality, and which payment methods your customers prefer to use.

Consider piloting different gateways to find the perfect fit for your unique business needs. The digital payment landscape in Singapore continues to evolve with digital wallets, cross-border solutions, embedded finance, and real-time payment capabilities shaping the future.