eCommerce in Singapore: Your guide to accepting payments in 2026

Key Takeaways:

• Singapore is one of Southeast Asia's most developed eCommerce markets, with high digital payment adoption, strong government infrastructure support, and fast-growing cross-border commerce.

• Singapore online shoppers expect a range of payment methods at checkout (PayNow, cards, GrabPay, ShopeePay, and Atome) and missing even one can cost you sales.

• Airwallex lets you accept payments via 160+ local payment methods, settle in 14 currencies without forced conversion, and pay overseas suppliers in 200+ countries.

eCommerce in Singapore is no longer just about putting your products online and adding a card payment option.

Customers expect to pay with the method they already use (whether that's PayNow, a digital wallet, a card, or a buy now, pay later service), and they'll often abandon checkout if their preferred option isn't there.

This guide breaks down the payment landscape for eCommerce businesses in Singapore, including the payment methods customers expect, what it takes to sell internationally, and how to choose the right payment setup for your business.

What makes Singapore a strong eCommerce market

Three factors work together to make Singapore one of the most accessible eCommerce markets in Southeast Asia.

1. Fast, trusted digital infrastructure

Singapore's information and communications technology (ICT) infrastructure is ultra-high speed and considered trustworthy by international observers, including the US International Trade Administration.¹

The government has also stated its ambition to become a "Smart Nation." That goal keeps pushing further investment into the digital backbone online businesses rely on.¹

2. Government support and grants

Beyond infrastructure, the government funds part of the cost of digitalising your business. The Productivity Solutions Grant (PSG) covers up to 50% of eligible costs for pre-approved eCommerce solutions. The cap is S$30,000 per company each financial year.²

The Enterprise Development Grant (EDG) offers similar support. It covers up to 50% of eligible costs for local SMEs on broader projects, including business strategy and market access. That can include the cost of expanding your online store overseas.³

Enterprise Singapore is also consolidating PSG, EDG, and the Market Readiness Assistance (MRA) grant into a single new scheme called EDGE. It's expected to launch in the second half of 2026. Until then, PSG and EDG remain accessible in their current form.³

3. The rise of digital banks and fintech providers

Digital banks and fintech companies also contribute to Singapore's eCommerce growth by simplifying companies' financial operations.

This matters because online businesses run on tight schedules and strict fulfilment deadlines, and traditional banking processes can slow that down.

Airwallex is one example: it operates fully digitally, so you can open a business account online without visiting a branch. There are no monthly fees on our free “Explore” plan.

eCommerce platforms in Singapore

Most Singapore sellers combine a branded storefront with at least one marketplace.

Each serves a different purpose: your own store gives you full control over branding, customer data, and margins, while marketplaces like Shopee, Lazada, and TikTok Shop put you in front of buyers who are already searching.

The platform you choose affects your setup cost, how much of each sale you keep after fees, and which payment methods you can offer at checkout.

For a full breakdown of hosted builders, marketplaces, and social commerce options, see our guide to the best eCommerce platforms in Singapore.

For legal and compliance requirements (including Singapore's eCommerce laws, prohibited products, and GST obligations), see our guide to selling online in Singapore.

Payment methods Singapore online shoppers expect

There’s no single payment method that works for every Singapore shopper. The right mix depends on who you sell to, but these are the main payment methods worth considering:

PayNow and SGQR

PayNow is Singapore's national instant payment system, allowing customers to pay directly from their bank account using a mobile number, UEN or QR code. At checkout, customers can select PayNow or scan a QR code using a participating banking app.

For local businesses, PayNow is worth supporting because customers are already familiar with it and don't need to enter card details to complete a purchase.

SGQR provides a single QR standard that can support PayNow and other participating payment schemes, making QR payments simpler for both merchants and customers.

Credit and debit cards

Cards remain one of the most important ways to pay online in Singapore.

Visa and Mastercard are essential, while American Express can be useful if you serve higher-spending customers. For businesses selling internationally, card acceptance is particularly important because cards remain a familiar payment option across markets.

GrabPay and ShopeePay

Digital wallets are another important part of Singapore's online payment mix. GrabPay benefits from its integration with the wider Grab ecosystem, while ShopeePay is closely tied to the Shopee marketplace.

They're particularly relevant if you sell to younger, mobile-first customers or already have a presence on platforms such as Grab or Shopee. Offering wallets alongside cards and PayNow also gives shoppers more choice at checkout.

Atome and BNPL

Buy now, pay later (BNPL) gives customers the option to split a purchase into several instalments rather than paying the full amount upfront.

Atome is one of the better-known BNPL options in Singapore, while Grab and Shopee also offer their own instalment products.

BNPL can be particularly useful for higher-value purchases where spreading the cost makes a purchase more manageable. Whether it's worth offering depends on your average order value, customer base and product category.

Apple Pay and Google Pay

Apple Pay and Google Pay make card payments faster, particularly on mobile. Customers can use a card already stored in their wallet instead of manually entering their card number, expiry date and security code.

For mobile-heavy eCommerce businesses, that can remove several steps from checkout and make it easier for customers to complete a purchase.

Cross-border wallets

Selling internationally means thinking beyond the payment methods Singapore customers use. Shoppers in different markets often have strong preferences for their own local wallets and payment methods.

For example:

• China: Alipay and WeChat Pay

• Malaysia: Touch 'n Go eWallet and GrabPay

• Indonesia: GoPay and OVO

• Thailand: TrueMoney and other local wallets

• Vietnam: local bank transfers and e-wallets

You don't necessarily need a separate integration for every payment method. A payment gateway with broad local payment method coverage can give you access to multiple methods through a single integration.

For a detailed comparison of payment gateways available to Singapore eCommerce businesses, see our guide to the best eCommerce payment gateways.

How to accept international payments as a Singapore eCommerce store

Once you start selling outside Singapore, accepting the payment is only part of the equation. The bigger question is what happens to the money after the customer pays.

If a customer pays you in USD, for example, you don't necessarily want that money converted to SGD straight away, especially if you're also paying suppliers, advertising platforms, or other expenses in USD.

The problem with automatic conversion

Many payment setups automatically convert foreign-currency sales into SGD when they settle the funds into your account. You then have to convert the money back into USD, EUR or another currency when you need to pay an overseas supplier.

That means you're potentially paying for currency conversion twice, when you could have simply kept the money in the original currency.

The other thing to watch is the exchange rate. Payment providers may add a markup to the rate they use for conversion, so the amount you receive can be lower than you'd expect even when the transfer fee itself looks low.

A simpler approach: hold the money in its original currency

If your payment setup lets you hold multiple currencies, you can keep foreign-currency revenue in the currency you received it in and convert it only when you need to.

For example:

• You receive USD and pay a US supplier in USD: Keep the USD and pay the supplier directly, without converting to SGD first.

• You receive USD but need SGD: Convert the money when you need it, rather than having it converted automatically when the payment settles.

• You regularly deal in several currencies: Keep separate balances so you can manage your revenue and expenses in the currencies you actually use.

Keeping payments in the same currency

The simplest setup is when the currency you earn is also the currency you spend.

For example, if your Singapore eCommerce store receives USD from US customers and pays for your Google Ads or Meta Ads in USD, you can keep the money in USD throughout. There's no need to convert it to SGD and then back to USD.

Airwallex supports settlement in 14 currencies for Singapore businesses, including USD, EUR, GBP, AUD, HKD, CNY and SGD.

What to look for when selling internationally

If you're choosing a payment setup for cross-border sales, check:

• Payment methods: Does it support the local payment methods your customers actually use, or just cards?

• Settlement: Can you receive money in the currency your customer paid in, or is it automatically converted to SGD?

• Currency balances: Can you hold foreign currencies and use them to pay suppliers?

• FX rates: What exchange rate do you actually get when you do need to convert?

• Settlement times: How quickly does the money reach your account, and are there additional fees for faster settlement?

For a full comparison of payment processors available to Singapore eCommerce businesses, see our guide to eCommerce payment processing in Singapore.

How Airwallex helps Singapore eCommerce businesses manage payments

As your eCommerce business grows, you may end up accepting payments through several channels, selling in different markets, and paying suppliers in multiple currencies. Managing all of that through separate payment processors and bank accounts can get complicated quickly.

Airwallex brings payments and multi-currency banking together in one platform:

• Accept 160+ local payment methods: Accept cards, PayNow, GrabPay, Apple Pay, Atome, Alipay, WeChat Pay and more across 180+ countries.

• Settle in the original currency: Singapore businesses can settle payments in 14 currencies, including USD, EUR, GBP, AUD, HKD and CNY. You’re not forced to convert your funds back to SGD.

• Pay overseas suppliers and vendors: Send payments to 200+ countries.

• Connect your sales and accounting tools: Integrate with platforms such as Shopify, WooCommerce, Amazon, Lazada and Shopee, as well as Xero and QuickBooks.

You can also open an Airwallex Business Account entirely online, with no monthly fee on the Explore plan and no minimum balance.

Frequently asked questions

What payment methods should a Singapore eCommerce store accept?

At minimum: credit and debit cards (Visa, Mastercard), PayNow, and at least one major digital wallet such as GrabPay or Apple Pay. If you sell in higher-ticket categories, adding a BNPL option like Atome can lift average order value. If you sell to overseas customers, you'll also want local payment method coverage for your key markets (Alipay and WeChat Pay for China, for example.) The right payment gateway handles most of this through a single integration.

How do I accept international payments as a Singapore eCommerce business?

You need a payment gateway that supports local payment methods in your target markets, and a business account that lets you hold funds in multiple currencies without forcing conversion to SGD. The most cost-efficient setup is to accept payments in the customer's currency, hold those funds, and use them to pay suppliers in the same currency, so you avoid FX fees in both directions. Airwallex supports this, by letting you accept payments in 130+ currencies and settle like-for-like in 14 currencies.

What is like-for-like settlement and why does it matter?

Like-for-like settlement means a payment made in a foreign currency (say, USD from a US customer) settles into your account in that same currency, without being automatically converted to SGD. If you have expenses in the same foreign currency, like-for-like settlement lets you pay for those directly, without incurring FX fees. To learn more, read our guide on like-for-like settlement.

Do I need to register my business before accepting payments in Singapore?

Yes. Payment providers and banks require a registered business entity before they'll approve a merchant account. For most eCommerce businesses, that means registering with ACRA as either a sole proprietorship or a Private Limited company. Our guide to starting an online business in Singapore covers the full registration process.

What government grants are available for Singapore eCommerce businesses?

The Productivity Solutions Grant (PSG) covers up to 50% of eligible costs for pre-approved eCommerce solutions, capped at S$30,000 per company per financial year.² The Enterprise Development Grant (EDG) covers up to 50% of costs for broader projects including overseas market expansion.³ Enterprise Singapore is consolidating both grants into a new scheme called EDGE, expected in the second half of 2026 — until then, PSG and EDG remain available.

How do I reduce FX fees on international eCommerce sales?

The main levers are: choosing a payment gateway that settles in the original currency rather than auto-converting to SGD; holding multi-currency balances so you can pay foreign expenses in the same currency you earned; and converting at interbank-rate-based FX rather than the marked-up rates most traditional banks apply. Avoiding even one unnecessary conversion on a high-volume month can save thousands of dollars.

Sources:

1.  https://www.trade.gov/country-commercial-guides/singapore-ecommerce

2.  https://www.enterprisesg.gov.sg/financial-support/productivity-solutions-grant

3.  https://www.enterprisesg.gov.sg/financial-support/enterprise-development-grant

4.  https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company

5. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/do-i-need-to-register-for-gst

6. https://www.imda.gov.sg/regulations-and-licensing-listing/electronic-transactions-act-and-regulations

7. https://www.mas.gov.sg/regulation/acts/payment-services-act