How to set up cashless payments for your Singapore business (2026)

Key takeaways

• Most businesses need cashless payments for both in-store and online sales.

• For local payments, a good place to start is PayNow Corporate. Register through your bank and generate an SGQR label so customers can pay using PayNow and other supported QR payment methods.

• As your business grows, look for a setup that makes it easy to accept payments, track transactions and reconcile your sales without doing everything manually. Airwallex Payments does that for you, bringing online and in-store payments together on one platform.

Setting up cashless payments is now a standard part of running a business in Singapore.

Digital payment adoption has reached 92%¹ across the country, while cash use at the point of sale is expected to fall to 7% by 2027.²

This guide walks you through how to set up cashless payments for both in-store payments, including SGQR, card terminals and POS integration, and online payments, including payment gateways, checkout and e-wallets.

We'll cover what you need, how much it costs, and the steps involved.

What does “setting up cashless payments” involve?

Setting up cashless payments is more than just signing up for PayNow and putting a QR code at the counter. You also need to think about how customers’ payments are processed and how you’ll keep track of the money coming in.

There are three parts to consider:

1. Payment methods: How customers pay you, such as PayNow, cards, e-wallets or BNPL.

2. Payment setup: The hardware or software that lets you accept those payments, such as an SGQR label, card terminal or payment gateway.

3. Payment management: How you track, reconcile and settle those payments, and whether they connect to your accounting software.

It’s easy to focus on the first part and overlook the rest.

For example, a business might have a PayNow QR code ready to go, but still have to manually check its bank account and match payments to orders. That might be manageable when there are only a few transactions a day, but it quickly becomes a headache as sales grow.

The setup also depends on where you sell. A physical store needs things like QR codes, card terminals and POS systems, while an online business will usually need a payment gateway and online checkout. Here’s what the two setups typically look like:

If you want to manage payments and reconciliation in one place, Airwallex brings your online and in-store payment activity together on a single platform. This makes it easier to keep track of transactions and settlements as your business grows.

In-store setup: how to accept cashless payments at your physical location

For most physical businesses, you’ll want two things: a QR code for local payments and a card terminal for customers who prefer to tap or insert their card.

Here’s how to get both set up.

Step 1: Register for PayNow Corporate

PayNow Corporate links your business’s Unique Entity Number (UEN) to your Singapore business bank account. It’s a good starting point for accepting local digital payments.

How to register: Log in to your bank’s business banking portal, find the PayNow section, and link your UEN to your account.

More than 20 banks and Major Payment Institutions (MPIs) participate, including DBS, OCBC, UOB, Maybank, HSBC and Standard Chartered.³ Registration is free and typically takes one to two business days.³

Step 2: Get an SGQR label

Once PayNow Corporate is set up, you can get an SGQR label for your counter.

SGQR is Singapore’s national QR code standard. Instead of displaying several different QR codes, one SGQR label can bring together PayNow and other participating payment schemes, so customers can scan it with their preferred payment app.⁴

You can request an SGQR label through your bank or a payment service provider.

Static or dynamic QR?

• Static QR: One QR code that customers scan for each payment. Best for smaller stores with straightforward transactions.

• Dynamic QR: A new QR code is generated for each transaction. Useful if you want the payment amount and order details linked automatically.

If you’re deciding between the two, see our guide to PayNow QR codes for Singapore businesses.

Step 3: Add a card terminal

A QR code covers many local payment preferences, but you’ll still want a card terminal if you serve tourists, corporate customers or anyone who prefers to tap their card or phone.

When choosing a terminal, look for support for Visa, Mastercard and contactless payments, including Apple Pay and Google Pay. Most terminals also support chip and swipe payments.

You can get a terminal through your bank or a payment service provider. Allow around three to five business days for approval, plus delivery time.

Standalone or POS-integrated?

• Standalone terminal: Processes payments separately from your POS system.

• POS-integrated terminal: Sends payment data directly to your POS, so your sales and payment records stay in sync.

If you’re still choosing a POS system, see our guide on how to choose a POS system in Singapore.

Step 4: Test your payment methods

Before you start taking real customer payments, run a test transaction for each method you’ve set up.

Check that:

• The payment goes through successfully

• The transaction appears in your POS or payment dashboard

• The money reaches the right account

• You can trace the transaction using its reference number

It only takes a few minutes and can save you from discovering a payment issue at the counter.

Step 5: Check how settlement works

Finally, check when and where your payments will be settled.

PayNow payments are transferred instantly, while card payments follow your payment provider’s settlement schedule. Make sure you know when funds will reach your bank account and how you’ll identify each payment in your records.

If you sell both online and in-store and want to manage payments from one place, see our guide to omnichannel payments for Singapore merchants.

Online setup: how to accept cashless payments on your website or app

Taking cashless payments online is usually a fairly straightforward process. You’ll need to choose a payment gateway, decide how you want your checkout to work, and test everything before going live.

Step 1: Choose a payment gateway

A payment gateway processes payments between your customer and your business. For Singapore businesses, look for one that supports the payment methods your customers are likely to use, such as:

• PayNow

• Visa and Mastercard

• Local e-wallets, such as GrabPay and ShopeePay

• Other payment methods, such as BNPL, if relevant to your business

Your payment provider should also be licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act where a licence is required for the services it provides.

Airwallex lets you accept 160+ local payment methods across 180+ countries, including PayNow, Visa, Mastercard, and GrabPay.

Step 2: Choose how you want your checkout to work

You generally have three ways to add payments to your website:

• Hosted checkout: Your payment provider hosts the payment page. This is usually the quickest option and requires little or no coding.

• Embedded checkout: The payment form sits within your website, keeping customers on your domain. It requires some integration work.

• API integration: Gives you the most control over the checkout experience. This is better suited to custom-built websites and apps.

Using an ecommerce platform such as Shopify, WooCommerce or Magento? Many payment providers offer plugins that make the integration much simpler.

Step 3: Add BNPL if it makes sense for your business

If you sell higher-value products such as fashion, electronics, beauty or home goods, you may want to offer buy now, pay later (BNPL) at checkout.

Providers such as Atome and ShopBack PayLater can be enabled through some payment gateways, so you don't necessarily need a separate integration for each one.

The customer pays in instalments, while the BNPL provider handles the repayment. Your business receives the payment according to the provider’s settlement terms.

Step 4: Set up payment links

You don't need a full ecommerce website to accept online payments.

If you invoice customers or sell through WhatsApp, Instagram or email, payment links let you send customers directly to a payment page. You create the link through your payment provider, enter the amount and currency, and share it with the customer.

For more information, see our guide to payment links.

Step 5: Test everything before going live

Before accepting real payments, test each payment method you've enabled.

Check that:

• The payment goes through successfully

• The correct amount appears in your dashboard

• The order status updates correctly

• Refunds work as expected

• Your accounting integration, such as Xero or QuickBooks, records the transaction correctly

It's much easier to fix a payment issue before customers start checking out than after you've gone live.

Understanding cashless payment costs

The cost of accepting cashless payments depends on the payment method you use. 

PayNow, cards, e-wallets and BNPL all have different fee structures, and the fees can also vary depending on whether you accept payments directly through your bank or through a payment provider.

What does PayNow cost?

There is no MDR on the PayNow payment rail itself. However, your bank or payment provider may charge a fee for collecting PayNow payments.

If customers pay directly into your business bank account, check your bank's current business tariff. Some banks have introduced per-transaction collection fees from 2026. For example, UOB charges S$0.20 per PayNow transaction received.⁵

If you accept PayNow through a payment gateway instead, you'll generally pay the gateway's transaction fee. The rate varies by provider.

What about cards and other payment methods?

Cards typically incur a Merchant Discount Rate (MDR) on each transaction. 

For in-store payments, MDRs commonly range from around 1.5% to 2.5%, although the actual rate depends on your provider, card type and transaction volume.⁶ Online card payments are also charged per transaction, with international cards often costing more.

Other payment methods, such as e-wallets and BNPL, are also generally charged through the payment provider handling the transaction.

Is anything actually free?

Some parts of the setup may be free, but that doesn't mean accepting payments has no cost.

For example, PayNow has no MDR, and SGQR labels are generally provided free by banks and payment providers. But you may still pay a bank collection fee or a payment provider's transaction fee.

Card terminals may also be provided without an upfront hardware fee, particularly when they're rented as part of a payment service. You'll still pay the MDR on every card transaction.

The important thing is to look at the total cost of accepting each payment method, rather than just whether the setup itself is free. This includes transaction fees, terminal fees, monthly charges and, where relevant, currency conversion costs.

Connecting your cashless setup to your POS and accounting software

Once you have your cashless payments set up, the next step is to make sure they’re automatically recorded in your POS and accounting system.

Here’s how to do that:

Choose an integrated terminal where possible

For physical businesses, a standalone payment terminal means the payment and the sale are recorded separately. Your team then has to match the transactions manually when reconciling at the end of the day.

An integrated terminal connects the payment directly to your POS. When a customer pays, the payment is matched to the sale automatically, reducing the amount of manual reconciliation and the risk of errors.

Connect your payments to your accounting software

The same principle applies to your accounting system. Look for a payment provider that can send transaction data directly to your accounting software, rather than requiring your team to download and upload files manually.

For example, Airwallex integrates with Xero and QuickBooks, helping businesses keep their payment and accounting records in sync.

If you sell online and in-store

If your business accepts payments both online and in-store, it can also help to use a provider that gives you visibility across both channels, such as Airwallex.

Otherwise, you may end up checking one dashboard for your physical store and another for your online payments, then combining the data yourself. A unified setup can make it easier to track sales, payments and settlements in one place.

4 common cashless payment setup mistakes

A few setup choices can create unnecessary problems once you start processing real transactions. Here are four to watch out for:

1. Going QR-only

PayNow via SGQR is convenient for local customers, but it doesn't cover everyone. Tourists, corporate customers and people who simply prefer to tap their card may still expect to pay by card.

For most physical businesses, offering both QR and card payments gives customers more ways to pay and avoids turning away sales.

2. Using a static QR for high-volume payments

A static PayNow QR code lets customers enter the payment amount themselves. That's fine for a small business with only a few transactions a day, but it can make reconciliation harder as transaction volume grows.

A dynamic QR code can generate the amount and a unique reference for each transaction, making it easier to match payments to individual orders. If you're processing a large number of PayNow payments, it's worth looking for a setup that supports this.

3. Accepting a payment based on the customer's screen

Don't rely on a customer's payment confirmation screen to confirm that you've been paid. A payment may have failed, gone to the wrong account, or been made to a fraudulent QR code.

Before handing over goods or completing a service, check the payment in your own bank account, POS system or payment dashboard. This is especially important for higher-value transactions.

4. Forgetting about settlement timing

The fact that a customer has paid doesn't necessarily mean the money is immediately available in your business account.

PayNow payments are made instantly, while card and other payment methods follow the settlement schedule set by your provider. Check when different payment methods will be settled, particularly if you rely on daily sales to cover expenses or restock inventory.

A simpler way to manage cashless payments with Airwallex

As your business grows, managing separate QR, card and online payment systems can mean more dashboards to check, more transactions to reconcile and more opportunities for payments to fall through the cracks.

Airwallex brings online and in-store payments together, so you can manage your payment activity, settlements and reconciliation from one platform instead of piecing everything together manually.

Frequently asked questions (FAQs)

How do I set up cashless payments for my Singapore business?

Start with PayNow Corporate: register via your business bank using your UEN, then request an SGQR label for your counter. This covers most local customer payment preferences and takes one to three business days. Add a card terminal for customers who pay by Visa or Mastercard, and a payment gateway if you sell online. Most businesses need both tracks running together for complete coverage.

How long does it take to start accepting cashless payments in Singapore?

PayNow Corporate registration typically takes one to two business days once submitted to your bank.³ Card terminal approval takes three to five business days, plus delivery. A payment gateway for online acceptance can be live in one to three business days depending on the provider. If you need to accept payments urgently, payment links let you collect online payments the same day you sign up with a provider, with no checkout integration required.

What is the difference between SGQR and PayNow?

PayNow is Singapore's instant bank transfer service, linked to your UEN. SGQR is the national unified QR standard that combines multiple payment schemes (including PayNow, GrabPay, ShopeePay, and NETS) into a single scannable code.⁴ In practice, your SGQR label includes PayNow alongside other methods, so customers pay using whichever app they prefer from one scan.

Do I need a POS system to accept cashless payments in Singapore?

No. You can accept cashless payments with just a printed SGQR label and a card terminal, without any POS system at all. A POS becomes valuable when you need inventory management, sales reporting, or automatic reconciliation across multiple payment methods. If you are weighing up whether you need one, our guide on how to choose a POS system in Singapore covers the decision.

Is there a cost to accept PayNow in Singapore in 2026?

The PayNow payment rail has no MDR. But receiving PayNow directly into your business bank account may incur a per-transaction fee depending on your bank; rates vary by institution, so check your bank's current business tariff directly.⁵ If you receive PayNow through a payment gateway, the gateway's transaction fee applies instead.

Can I accept cashless payments without a website or app?

Yes. For in-person payments, a printed SGQR label and a card terminal are all you need. For remote payments, payment links let you collect via WhatsApp, email, or social media without a website. Airwallex Payment Links support PayNow, cards, and e-wallets with no storefront required.

Sources:

1. pwc.com/sg/en/publications/payments-state-of-play.html

2. asianbankingandfinance.net/news/singapores-cash-use-in-pos-fall-just-7-2027-study

3. abs.org.sg/e-payments/pay-now

4. mas.gov.sg/development/e-payments/sgqr

5. hack.gov.sg/2025/singpay/

6. banksinsg.com/blog/merchant-accounts-payment-gateways-in-sg/