6 types of payment methods in Singapore (2026): a complete guide

Key takeaways:

• The most popular payment methods in Singapore are credit and debit cards, mobile wallets, QR codes, bank transfers, Buy Now, Pay Later (BNPL), and autopay.

• Businesses with the right payment mix can cater to customer preferences better, reducing payment costs and improving cash flow. 

• Consider your customers’ preferences, recurring fees, security, and ease of use when choosing a payment suite for your business.

Singaporeans' payment preferences are changing rapidly. We now have the highest adoption rate of cashless payments in Southeast Asia¹, with 97% of consumers using cashless payments for retail purchases², and cash use for in-person payments expected to drop to 7% by 2027³. 

These shifts are significant for business owners deciding what payments to accept. If you don't have the preferred options, you could alienate customers, incur unnecessary fees, and lose sales.

In this guide, we’ll explore the most popular payment methods in Singapore and help you decide which ones to offer. We’ll also explain how Airwallex can help your business develop the right payment mix with support for 180+ countries and 160+ local payment methods.

What is a payment method?

A payment method is a process or tool that facilitates the transfer of funds from a customer to a business. Common payment methods include cash, credit and debit cards, mobile or digital wallets, and bank transfers.

Different payment methods suit different consumer and business needs. Mobile wallets emphasise processing speed, credit cards prioritise convenience, and cash lets merchants avoid payment fees. Many options are also country-specific, so you may need to use different ones to transact with international customers and suppliers.

4 Benefits of providing the right payment methods

Choosing the right payment mix is instrumental to growing your business, attracting different customer types, and maximising revenue. Here are the four benefits of providing the best possible payment experience:

1. Increased customer conversion

Our research shows that 77% of consumers are likely to abandon an online cart if you don’t offer their preferred payment methods⁴.

2. Attracting international customers

90% of online transactions in China use Alipay or WeChat Pay⁵, while 90% of online payments in Malaysia use Touch’n Go⁶. Be sure to offer locally popular payment methods to cater to international customers. 

3. Reduced payment costs

Different payment methods charge different fees, especially if your business is global. Adding low-cost options, like QR code payments, helps you keep more of your business’s revenue.

4. Improved cash flow

Modern digital payments settle faster than international SWIFT transfers, giving your business faster access to funds. Some payment options, like contactless debit cards, are also more secure, reducing fraud and preventing account holds or freezes. 

6 popular payment methods in Singapore in 2026

In recent years, payment preferences within Singapore have changed dramatically. Cash is now out of favour, and close to 65% of Singaporean shoppers are likely to have made an online or in-store purchase from their smartphones⁷. 

Here are the six most popular payment methods in Singapore in 2026: 

• Credit and debit cards

• Digital wallets

• QR code payments

• Bank transfers

• Buy now, pay later (BNPL)

• Autopay

Here’s how these top payment methods compare:

Note: The information in this table has been reviewed to be accurate as of 15 January 2026.

Credit and debit cards

Credit and debit cards are the most popular payment methods in Singapore, with more than 95% of consumers using them⁸ and 42% of eCommerce transactions involving credit card payments⁹.

Best for:

Credit and debit cards are the default payment method among many consumers, so they’re a must-have for brick-and-mortar and online businesses.  

To accept credit, debit, or prepaid cards, you’ll typically need a merchant account, payment gateway, Point of Sale (POS) or card reader terminal, and an internet connection.

Digital wallets

Digital or mobile wallets are secure apps or platforms that carry credit or debit card information, just like a physical wallet. They let customers pay for purchases online or in-store without their physical cards. 

The most widely used digital wallets in Singapore include:

• Google Pay: Users with Google payments profiles can send money, pay for purchases, and earn rewards through linked bank accounts or cards within this platform.

• Apple Pay: Apple’s mobile payment service allows users to make secure purchases in retail stores, apps, and online using their Apple devices. 

• GrabPay: This digital wallet lets users pay for rides, food deliveries, and in-store payments, while earning reward points.

• Samsung Pay: Mobile number holders and device users can store and use payment cards, loyalty cards, and more through their Samsung devices.  

• AliPay: This popular digital wallet from China allows users to make secure payments, transfer money, and manage finances.

Best for

Digital wallets are popular among younger demographics, so they’re essential if your target market includes Gen Z and Millennials. They’re also suitable for businesses looking for fast processing and settlement.

To accept digital wallets, you’ll need a compatible payment processing provider and a Near Field Communication (NFC) contactless card reader.

QR code payments (e.g. PayNow)

QR code payments let customers scan a QR code with their mobile device and pay with a credit or debit card, digital wallet, or bank-supported system like PayNow. The Singapore Quick Response Code (SGQR) system synchronises QR codes so you can offer a single QR code to customers and accept payment by multiple methods. 

PayNow is by far the most popular QR code payment method in Singapore, and nearly 70% of Gen Z consumers¹⁰ use it. PayNow lets customers transfer funds instantly from their bank account to your business’s account.

For more details, read our guide to PayNow QR codes.

Best for

QR codes enable self-initiated payments. They’re globally favoured by restaurants, marketplaces, and pop-up shops. They’re particularly prevalent in Asia-Pacific markets, with China being projected to account for 60% of their global transaction value by 2029¹¹.

To accept QR codes, you’ll need a payment provider that generates them, a display so customers can scan them, and an internet connection.

Bank transfers (e.g. FAST)

Bank transfers allow customers to send money from their bank account to your business bank account. The most popular bank transfer system in Singapore is Fast And Secure Transfers (FAST), the network that powers PayNow. FAST offers 24/7 availability and near-instant transfers.

There’s also the MAS Electronic Payment System (MEPS), a real-time payment system operated by the Monetary Authority of Singapore (MAS). This system allows businesses to transfer large amounts of SGD securely and instantly between banks, and it’s mainly used for high-value or time-sensitive transactions.

Best for

These direct account-to-account transactions can benefit businesses that frequently process large-scale purchases, like retainers or wholesale orders, as they don’t carry card-style chargeback risk. They also have affordable fee structures.  

To accept bank transfers, you’ll need a business bank account, your account and routing numbers, a secure payment processor, and customer authorisation. You might also consider accounting or invoicing software to track payments. 

Buy now, pay later (BNPL)

BNPL services allow customers to pay in instalments rather than paying in full upfront. There are approximately 1.9 million BNPL users in Singapore, most of whom are ages 18–34.¹²  77% of Gen Zers and 47% of millennials reported using BNPL services, according to a 2024 report¹³.

The most widely used BNPL platforms include:

• Atome: The Singapore-based BNPL service lets consumers split their purchases into three interest-free payments. 

• Grab PayLater: This Grab app integration allows users to defer payments for Grab services and partner merchants. 

• Klarna: The global BNPL provider allows consumers to split payments into four instalments.

Best for

BNPL helps increase conversion rates for eCommerce and retail merchants selling higher-priced goods, as it allows shoppers to split one large payment into a few smaller instalments.

To accept this payment method, you’ll need to partner with a BNPL provider that integrates with your payment provider and POS systems.

Autopay (e.g. GIRO)

Autopay, also known as recurring billing, allows businesses to automatically debit a customer’s bank account for ongoing subscription services or instalment payments. The most popular way to implement autopay is through a General Interbank Recurring Order (GIRO), a type of payment order submitted to a customer’s bank. 

There are two ways to collect GIRO payments:

• GIRO Direct Debit: Recurring payments are automatically deducted from a customer’s bank account on scheduled dates.

• GIRO-On-Demand: A service by some financial institutions where customers have to manually approve each payment.

Best for

Autopay is a top option for businesses that sell subscriptions, memberships, or other services that require recurring payments.

To enable autopay, you’ll need a payment processor and gateway that supports recurring charges, customer authorisation, a secure PCI-compliant platform for storing data, and a system for managing billing.  

How to choose the right payment method for your business

Top payment methods facilitate transactions, keep your customers happy, and drive business growth. Here are some key things to keep in mind when choosing the right payment methods for your business:

Understand your customer's preferences

Knowing your customers’ preferences is the first step in choosing the right payment options. We’ve covered the most popular payment methods in Singapore, but different customer types will have their own payment preferences. To better understand your market, you can:

• Ask your customers directly: Run surveys or incorporate questions into your customer service interactions to gather shopper preferences. 

• Analyse purchase history: Mine past transaction data to identify popular payment options. Consider data points such as abandoned cart and value per transaction to gain a deeper understanding of missed opportunities. 

• Consider market demographics: Review reputable research on payment preferences across demographics, purchase type, and adoption rates. 

Consider your business model and workflow

Additionally, consider how your business operates and which payment methods best suit your checkout process. For example:

• Online stores need a frictionless checkout experience. Cards and digital wallets are ideal because they allow customers to enter payment info once and use single-click checkout in the future.

• In-person businesses need payment methods that support instant confirmation. Credit and debit cards, digital wallets, and QR code payments all work fast and are easy to use. 

• Subscription businesses need autopay services like GIRO to automatically collect payments from customers at regular intervals. Credit cards and many mobile wallets also support recurring payments.

• Businesses selling high-value goods need BNPL services. Lower instalment payments make it easier for some customers to manage cash flow or finance large purchases.

Compare fees and costs 

Managing and minimising payment processing fees is essential for businesses. Some payment gateway providers and services charge higher fees than others, impacting your overall profit margins. 

When evaluating payment options and providers, consider the financial implications of transaction fees, currency conversion fees, rates, termination fees, settlement times, set-up costs, maintenance, and more. That way, you can choose the most cost-effective options and improve your bottom line.

We’ve provided a detailed list of the top digital payment solutions and services in 2026 to jumpstart your comparison. We also have comprehensive guides for popular payment gateways, like Shopify Payments and Stripe payments. Notably, Airwallex’s payment gateway offers unique benefits, such as like-for-like settlement in 20+ currencies, helping to save on conversion fees. 

Review security and fraud protection measures

With the rise of high-profile security breaches in recent years, security is top of mind for businesses and consumers. To mitigate risks of financial loss, legal consequences, and reputational damage, businesses need to offer payment methods with the highest security standards. 

The three main pillars of safe customer payments are:

• Authentication: This verifies the identities of parties in a transaction using methods like the CVV code and multi-factor authentication to prevent card fraud.

• Confidentiality: This ensures customer data and card details are kept private during transmission and storage, primarily through encryption.

• Integrity: This guarantees the accuracy and trustworthiness of transaction data, using methods like digital signatures and secure protocols to prevent tampering.

Consider integration with your existing systems

The payment methods you choose should seamlessly integrate with your current business systems, including your eCommerce, accounting, marketing, sales, and inventory systems. With seamless integrations, you can:

• Automatically sync, reconcile, and categorise transactions, and make it easier for more customers to pay you worldwide.

• Streamline order data and inventory management.

• Automate common processes without coding.

How Airwallex helps boost checkout conversion and simplify payments

Airwallex is built to help your business seamlessly accept the payment methods your customers want to use. Here’s why our customers choose Airwallex Payment Gateway as their preferred payment processing provider:

• Support for 160+ local payment methods globally: Accept PayNow in Singapore, WeChat Pay in China, PayPal in the US, Touch’n Go in Malaysia, and more. Motherswork used Airwallex to grow across Southeast Asia and accept the payment methods new customers wanted to use.

• Like-for-like settlement in 20+ currencies: Collect, hold, and make payments in SGD, USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, and THB. There’s no forced conversion when you pay or get paid in these currencies.

• Payment Links: Instantly generate payment links and share the URL or QR code on emails, chat applications, or social media. See how Wine Kin elevated their customer experience through Payment Links.

• Flexible integration methods: Our payment gateway integrates easily with your existing eCommerce platform, mobile app, or website, no coding required.

• Invoice payments: Accept payments on invoices generated through accounting software like Xero and NetSuite.  

Airwallex also provides an all-in-one Business Account that makes it easy to run a global business. You get the following benefits at no extra cost:

• Multi-currency Global Accounts: There’s no need to create separate bank accounts in the markets where you operate. Airwallex’s Global Accounts let you bank like a local business in 70+ countries. 

• Market-leading exchange rates: Airwallex gives you access to interbank exchange rates so you can swap currencies without hefty markups.

• Fast, low-cost international transfers: Airwallex lets you make fast, low-cost international transfers to 120+ countries as if they were local payments. 90% of transfers arrive on the same day.

• Corporate Cards: Issue virtual and physical multi-currency cards to your employees for free and track costs easily with our spend management platform.

• Automated bill payments: Save time paying bills, employees, and suppliers. Send batch transfers for up to 1,000 recipients across countries, currencies, and transfer methods.

Curious to see how it all works? Sign up for your free Airwallex account to learn how we can help you offer your customers the payment methods they prefer and grow your business internationally.

Frequently asked questions (FAQs)

What are the most popular payment methods in Singapore?

The most popular payment methods in Singapore include credit and debit cards, direct bank transfers like PayNow, mobile wallets like Apple Pay and GrabPay, and BNPL services like Atome and Grab PayLater.

What are the most popular digital wallets in Singapore?

The most popular digital wallets in Singapore include Apple Pay, Google Pay, GrabPay, DBS PayLah!, and ShopeePay. PayNow is extremely popular, although this is a bank transfer service rather than a standalone mobile wallet.

What are the most essential payment methods to accept for small businesses?

At a minimum, small businesses in Singapore should accept credit cards, debit cards, and PayNow since these are the most popular payment options. Accepting mobile wallets like Apple Pay, Google Pay, or GrabPay can help attract younger customers. If your business sells expensive goods or services, consider supporting BNPL payment options as well.

What is the most secure payment method?

Bank transfers like FAST and PayNow payments are highly secure. Credit and debit cards that use 3D Secure are also less risky since they require customers to verify their identity when making a payment.

How do I set up a payment method?

Different payment methods have different setup requirements. You typically work with your payment provider to accept a new payment type, although some mobile wallets allow you to set up a business account independently. Airwallex streamlines payment acceptance, offering a fast and efficient setup for your business. 

How much does it cost to set up a payment method?

The cost of setting up a payment method varies by provider and service. While digital wallets and online payment platforms have minimal setup costs, integrating credit card processors or comprehensive payment solutions may include initial setup fees and ongoing transaction charges. Airwallex offers competitive pricing and cost-effective solutions for setting up different payment methods for your business.

What is a payment gateway?

A payment gateway is a software tool that enables you to accept customer payments for online purchases. It’s usually embedded on your business’s website to provide a secure checkout experience. Payment gateways allow you to accept diverse payment methods, including credit and debit cards, digital wallets, PayNow, and more.

Sources:

1. https://www.statista.com/statistics/1234061/sea-cashless-payments-adoption-rate-by-country 

2. https://www.channelnewsasia.com/singapore/e-payments-cashless-options-elderly-big-read-3502661 

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

4. https://www.airwallex.com/ecommerce-campaign-2024   

5. https://electroiq.com/stats/alipay-vs-wechat-pay-statistics/ 

6. https://ecommpay.com/blog/the-most-popular-payment-methods-in-malaysia/ 

7. https://www.visaacceptance.com/en-us/blog/article/2025/mobile-first-shopping-singapore.html 

8. https://www.visa.com.sg/about-visa/newsroom/press-releases/card-payments-overtake-cash-usage-in-singapore-visa-study.html 

9. https://www.straitstimes.com/business/cards-are-king-when-it-comes-to-making-payment-in-singapore-report 

10. https://www.xero.com/us/media-releases/digital-payment-trends-singapore-gen-z-leading-shift/ 

11. https://www.juniperresearch.com/resources/infographics/rest-of-asia-pacific-to-lead-global-surge-in-qr-payments/ 

12. https://www.businesstimes.com.sg/companies-markets/banking-finance/bnpl-account-2-total-spending-singapore-2027-unchanged-2023-worldpay 

13. https://www.channelnewsasia.com/today/big-read/buy-now-pay-later-debt-credit-4846131 

14. https://www.chargeflow.io/blog/buy-now-pay-later-statistics 

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it 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.