Top 5 eCommerce payment systems and solutions in Singapore (2025)

By Shermaine TanPublished on 7 February 202510 min
GuidesBusiness tips
Top 5 eCommerce payment systems and solutions in Singapore (2025)
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With 2.71 billion¹ people shopping online, the potential for your eCommerce business is immense. But navigating cross-border checkouts, managing transaction costs, and earning customer trust while competing in a crowded marketplace isn’t easy.

One decision that can directly drive your growth? Choosing the right payment provider. 

The best payment providers go beyond processing payments. They help you connect with customers through local payment methods, display local currencies to reduce friction at checkout, and boost profitability with lower FX conversion fees and like-for-like settlements. The right partner ensures that you can expand your global reach effortlessly.

So how do you find a payment provider that fits your needs? This guide breaks down the top providers and their key features, so you can make the right choice to take your business to the next level.

Key takeaways

  • Opt for a payment provider that offers a wide range of payment methods, including local options, to meet diverse customer needs and boost conversion rates.

  • Assess fees thoroughly to protect profit margins. Look for features such as interbank rates and like-for-like settlements in multi-currency accounts to minimise hidden conversion costs.

  • Choose a provider that integrates easily with your platform, with low- or no-code solutions and seamless integration with existing tools like marketplace platforms and accounting software.

What is an eCommerce payment system?

An eCommerce payment system is a type of financial software that lets online businesses accept payments. They act as a secure bridge between a purchase and the funds transfer to your bank.

With 75% of consumers in Southeast Asia using digital payments for online shopping, eCommerce payment services need to cater to various payment methods, such as credit cards or digital wallets.2 They also have features that boost checkout conversions, minimise fraud risk, and automate recurring payments. In additional to eCommerce payment solutions, some fintech firms like Airwallex offer end-to-end payments, including features such as expense management, supplier payments, and accounting integrations. 

How does an eCommerce payment processing system work?

eCommerce payment processing systems work by securely transmitting payments from the customer's purchase to your merchant account. The process begins when a customer enters their payment details at checkout, which are then securely transmitted via a payment gateway to a payment processor. The processor verifies the transaction and seeks authorisation from the customer's bank. On approval, the funds are transferred from the customer's bank to the merchant's bank, and both parties receive a transaction confirmation.

The top eCommerce payment systems in 2025

  • Airwallex: an end-to-end financial operations platform specialising in cross-border payments, offering no-code, low-code, and fully-customisable payment solutions. It offers comprehensive solutions, including multi-currency accounts, FX, and transfers, and spend management tools.

  • Stripe: a popular, developer-friendly platform offering customisable payment solutions for online businesses. It supports various payment methods and currencies.

  • Adyen: a payment platform from Netherlands that provides eCommerce payment processing and point-of-sale (POS) systems. Adyen’s integrations require technical resources, which makes them more suitable for large companies with eCommerce and retail locations.

  • PayPal: a widely-recognised pioneer in digital payments, offering secure and convenient transactions for both consumers and businesses.

  • Shopify Payments: Shopify's eCommerce payment system, designed to effortlessly integrate with a business' Shopify store. This in-built service enables merchants to accept payments directly through their online storefront.

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Top features to look for in an eCommerce payment solution

Choosing the right eCommerce payment solution is crucial for your business. Here are the top features to consider:

  • Breadth of payment methods: To boost conversion rates, the platform should support credit/debit cards, digital wallets (like Apple Pay and Google Pay), bank transfers, and local payment methods. 

  • Cost: Beyond transaction and setup costs, features such as like-for-like settlement and multi-currency accounts can eliminate unnecessary currency conversion and forced settlement fees. This helps your business preserve profit margins, maintain competitive pricing, and reinvest in growth.

  • Ease of integration: Look for low-code, no-code, and fully-customisable solutions with integrations to popular marketplaces (such as Shopify, WooCommerce, and Amazon) for smooth operations. 

  • Advanced security measures: Look for real-time monitoring, risk assessment, and compliance with PCI DSS standards. These features protect your business and your customers from fraudulent activities.

  • Infrastructure that supports long-term growth: Look for platforms with robust solutions that can grow with your business. Some providers offer additional value, such as multi-currency support, FX and transfers, and spend management tools.

Compare the top eCommerce payment systems and solutions in Singapore

Let's explore how these eCommerce payment providers compare across key features. This breakdown should give you a clearer understanding of which solution might meet your needs.

Airwallex

Adyen

PayPal

Shopify Payments

Stripe

Global coverage

180 countries, 160+ local payment methods, 130+ currencies

Almost 100 countries

200 countries, 20+ local payment methods (enterprises can accept card payments), 26+ currencies

20+ countries

195 countries, 100+ local payment methods, 135+ currencies

Like-for-like settlement in multiple currencies

11 currencies

3 currencies. Requires corresponding local currency bank accounts.

2 currencies. Requires corresponding local currency bank accounts.

Multi-currency account

Dynamic, multi-currency pricing

Not stated

Not stated

FX and transfers

Integrates with Shopify stores only

Spend management

Ease of integration

No-code plugins with eCommerce platforms, hosted payment pages, pre-built UIs and fully-customisable solutions

APIs offer extensive customisation, but require technical expertise to implement properly. Could be challenging for those without a dedicated tech team

Integrates with nearly all eCommerce platforms

Shopify Payments is integrated into the Shopify eCommerce platform.

Simple and flexible, integrates easily with popular business tools

Payment methods

Major card networks and 160+ local payment methods available 

Major card networks and 13 local payment methods7

Major card networks and 8+ local payment methods

 

Major card networks and 6 local payment methods11

Major card networks and 100+ local payment methods14

The top eCommerce payment systems: key features and fees

eCommerce payments systems like Airwallex, Stripe, Amazon Pay, PayPal, and GoCardless are all great options, but they each have their unique strengths. Our platform, Airwallex, stands out from the rest with our end-to-end financial operations features and global reach. It’s a strong option if you’re looking to scale your financial operations domestically or internationally.

Below, we summarise the key features and fees of each. For full product and fee information, including other charges, please visit each provider’s official website.

Airwallex

Best known as: a global, end-to-end financial operations platform

Airwallex is a global payment solution that lets you accept payments in more than 160 payment methods across 180 countries. No-code to fully-customisable integration options make it easy to get started quickly, and you can save your business a tonne of fees with like-for-like settlement into multi-currency accounts. In other words, you can settle payments in the same currency that your customers pay in, saving you on costly exchange rates. It’s easy to open an account with local bank details in Airwallex, without having to go to a bank or complete any complicated paperwork. The platform also offers FX and transfer solutions, with competitive interbank fees. Other features like virtual cards, accounts payable, and expense management, make it ideal for growing businesses.

Airwallex payment acceptance fees5:

  • Domestic: 3.30% + S$0.50 per transaction

  • International: 3.60% + S$0.50 per transaction

Adyen

Best known as: a platform for large enterprises

Adyen Singapore is a payments company from the Netherlands that provides eCommerce payment processing and point-of-sale (POS) systems. They allow businesses to create a seamless omnichannel shopping experience for customers. Adyen’s integrations require technical resources, which makes them more suitable for large companies with eCommerce and retail locations.

Adyen payment acceptance fees6:

  • Card payments: £0.11 + interchange+ + 0.6% per transaction

  • Local payment methods: £0.11 + local payment method fee per transaction

PayPal

Best known as: a widely recognised and trusted payment platform

PayPal is a global leader in online payments, offering a variety of solutions for individuals as a digital wallet and for businesses for solutions such as payment gateways, invoicing, and mobile payments. Its extensive user base and strong brand trust make it a popular choice for both buyers and sellers. PayPal supports 26+ currencies and 20+ payment methods.

PayPal payment acceptance fees9 :

  • Domestic (card payments): 3.5% - 3.9% + S$0.50 per transaction

  • International: additional 0.5% -0.7% fee for international transactions

Shopify Payments

Best known as: an integrated payment solution for Shopify merchants

Shopify is an eCommerce platform that enables businesses to easily create and manage online stores. Shopify Payments is designed to work seamlessly with the Shopify platform, providing a smooth payment experience for both merchants and customers. It supports multiple payment methods and allows you accept payments in 132 currencies, and its low transaction fees make it cost-effective for small to medium-sized businesses. Shopify Payments also offers advanced fraud protection and easy integration with other Shopify features.

Shopify Payments payment acceptance fees:

  • The fees depends on Shopify plan you're on and the type of credit card used and the location where the credit card is registered.

  • Conversion fees apply based on your store’s primary country: 1.5% for the US and 2% for all other Shopify Payments regions.

  • Additional fees are charged for integrations with third-party payment providers: 0.6% - 2%

Stripe

Best known as: a developer-friendly payment gateway with robust APIs

Stripe is a leading payment gateway that offers a wide range of features, including customisable payment forms, subscription billing, and advanced fraud detection. Its powerful API and developer-friendly documentation suit businesses looking to build custom payment solutions. Stripe allows businesses to automate subscriptions, handle various payment methods, and send invoices, offering a seamless solution for subscription-based services and products.​

Stripe payment acceptance fees:

  • Domestic: 3.4% + S$0.50 per transaction

  • International: 3.8% + S$0.50 per transaction

  • Additional 2% if currency conversion is needed

How can you reduce online payment service fees?

 Fees for online payment services can add up quickly. Consider transaction fees, foreign transaction fees, chargebacks, and monthly subscriptions when choosing a provider. High-volume enterprises might prefer a subscription model, while companies with multi-region operations should prioritise solutions with low foreign transaction fees and FX rates. Here are a few ways you can reduce costs:

Look for competitive payment processing costs and low FX rates

Managing international transactions can be costly if your provider charges high fees for accepting payments and high currency conversion fees. Always ask about these fees and choose a provider with transparent pricing and competitive conversion rates. For example, Airwallex uses a pay-per-transaction model. We offer interchange++ pricing or blended pricing, depending on your needs. There are no additional setup or monthly fees.

Choose a provider that offers like-for-like settlement in multi-currency accounts

Handling a high volume of cross-border transactions can drive up costs if each transaction involves FX conversions. By using multi-currency accounts with like-for-like settlement, you can accept payments in your customers’ preferred currencies and settle them into corresponding currency accounts, with no currency conversions needed. You can later make payments from the same balances, avoiding unnecessary conversion costs. For example, if you operate in the US, you could settle USD payments into your USD currency accounts, and then pay US suppliers in USD from the same balances, all without having to convert currencies. You could do the same with an AUD currency account or a GBP currency account, all from the same platform.

Seek strong chargeback protection

Be aware of the costs and risks tied to disputed charges. Customers can often initiate chargebacks when seeking refunds, but not all chargebacks are made in good faith. This can lead to additional costs beyond inventory loss and logistics. Choosing an online payments provider with strong customer authentication can help reduce chargeback fraud.

Go for a payment provider that can offer more value  

Consolidating services with one provider can deliver better cost efficiency and convenience. Providers that offer additional solutions, such as transfer and FX services, multi-currency accounts, and spend management tools can reduce the need for multiple vendors. By relying on one provider for all of these services (like Airwallex), you can reduce the need for multiple vendors, streamline operations, save time, and unlock greater value from a single partnership.

What questions should you ask when selecting an eCommerce processing system?

Choosing the right eCommerce payments system starts with understanding your business’s needs. This ensures you select a solution that can support your present-day needs and growth ambitions. 

Checking the basics like efficiency of managing customer payments is also important, but it’s also worth checking compliance, conversion fees, scalability, integration capability and much more.

Here’s a list of questions to ask your provider that will help you make an informed decision: 

  • What are your security protocols? Safe and secure payments are the core function of an online payment solution. Find out where and how they store your customer’s data, how advanced their encryption process is, and what their fraud detection capabilities are. 

  • What payment methods are available? Offering your customers local payment methods is key to boosting conversions. Ask what payment methods a provider supports, ensuring they offer popular options like credit cards, digital wallets, and bank transfers. 

  • Do you offer like-for-like settlement? Like-for-like settlement allows you to receive funds in the same currency as your customer’s payment, avoiding unnecessary currency conversion fees. You can later pay out from the same balances, with no currency conversions needed.

  • What are the costs involved? Hidden fees can quickly add up, especially if you’re moving money across borders. Ask about every potential cost associated with the service, including transaction fees, monthly fees, setup costs, and conversion and settlement fees.

  • What integrations do you offer? Most popular online payments suppliers offer integrations with major eCommerce, CRM, and accounting platforms to help streamline your operations. Pick a provider that seamlessly fits with your existing software.

  • How can you help my business accept international payments? Ask how the provider enables global transactions, including the number of payment acceptance currencies they support. Also ask if they can provide a localised checkout experience, with local pricing display and a range of local payment methods. A localised checkout experience can help you boost your conversion rates.

  • When is customer support available? It’s important you feel supported if there’s an issue. Ask about response times and what kind of customer service is available, and whether they offer emails, phone lines, or chatbots.

  • What integration options do you offer? Integration options cater to different needs. Low-code solutions simplify setup with minimal technical work, offering pre-built features for quick adaptation. No-code options require no coding knowledge, enabling fast, effortless implementation. Fully customisable integrations allow complete tailoring for unique requirements. Choose the right fit based on your goals and available resources.

  • Do you offer reporting tools? Find out what kind of analytics are available with your platform and how detailed they are. These can help streamline reconciliation and accounting processes and give you valuable insights into your financial performance.

Do business like a local in 180+ countries with Airwallex Payments

Accepting payments globally shouldn't be expensive or complicated. With Airwallex, you can boost customer conversions by offering diverse currencies and payment methods, while saving on fees. We’re the only payment gateway that lets you collect and settle payments in 11 leading currencies, including USD, EUR, and HKD. You can hold these funds in your Airwallex multi-currency account, and pay out to suppliers in the same currencies without unwanted conversions into SGD. This saves you unnecessary currency conversions and maximise the value of every dollar you earn. With our extensive global reach, backed by over 60 licenses worldwide, Airwallex enables you to expand into 180+ countries while supporting 160+ local payment methods.

Beyond payments, Airwallex is one of the few providers that offers the tools you need to manage your end-to-end finances efficiently – from transfers and multi-currency accounts to card issuance and expense management. Whether it’s paying suppliers, managing overseas expenses, or scaling operations, Airwallex equips your business with the flexibility to grow.

Airwallex is a smart choice if you’re looking to benefit from:

  • Global reach: Accept payments in 180+ countries from 160+ local payment methods.

  • Competitive fees: Maximise revenue with like-for-like currency settlement, market-leading FX rates, and competitive transaction fees.

  • Seamless integration: Plug in seamlessly (no coding required) with platforms like Shopify, WooCommerce, Xero, and NetSuite to slash finance team admin hours.

More than 150,000 companies around the world trust Airwallex to process over US$1 billion in payments a year.

Grow your business with global payment acceptance

FAQs about eCommerce payment services 

1. What is an online payment software?

An online payment software is a kind of financial software that processes secure and efficient electronic payments between a customer and merchant through a range of methods.

 2. What are the important factors to consider when selecting an online payment service provider?

The most important factors include transaction fees, what payment methods are supported, security measures, integration ease with business tools, global currency support, customer service quality, and scalability.

 3. How much does it cost to onboard an online payment solution?

Onboarding costs vary and can include potential setup fees, monthly service charges, transaction fees, and currency conversion costs. Some providers offer free setup but charge transaction processing fees.

4. How safe are online payment processing services?

Most online payment processing services are generally safe, but the level of security can vary depending on the provider and the specific measures they implement. Leading providers use advanced security features such as end-to-end encryption and comply with industry standards like PCI DSS to protect against unauthorised access and fraud. It's important to evaluate your provider’s security protocols to ensure your payments are fully protected.

Sources

1. https://www.businesstimes.com.sg/startups-tech/singapore-shoppers-blur-lines-between-online-and-offline-retail-report

2. https://www.statista.com/statistics/1364788/sea-most-used-e-payment-services-by-country/

3. https://en.wikipedia.org/wiki/PayPal

4. https://www.statista.com/topics/2411/paypal/

5. https://www.airwallex.com/sg/pricing

6. https://docs.adyen.com/online-payments/

7. https://www.adyen.com/payment-methods?country=Singapore

8. https://www.paypal.com/sg/business

9. https://www.paypal.com/sg/webapps/mpp/merchant-fees

10. https://help.shopify.com/en/manual/payments/shopify-payments/supported-countries/singapore

11. https://help.shopify.com/en/manual/payments/shopify-payments/local-payment-methods

12. https://www.shopify.com/sg/pricing

13. https://stripe.com/en-sg

14. https://stripe.com/nz/payments/payment-methods#search

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.

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Shermaine Tan
Manager, Growth Marketing

Shermaine spearheads the development and execution of content strategy for businesses in Singapore and the SEA region at Airwallex. Leveraging her extensive experience in eCommerce, digital payment solutions, business banking, and the cross-border industry, she provides invaluable insights that guide businesses through the complexities of global commerce. Specialising in crafting relevant and engaging content that resonates with business owners, her work is designed to drive growth and innovation within the fintech and business economy space.

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