Shopify Payments in Singapore: How it works, fees, payouts & alternatives

Key Takeaways:

• Shopify Payments is built into every Shopify plan and lets you accept card payments without a separate payment gateway. Singapore is a supported country, so most merchants here can activate it immediately.

• In Singapore, online card processing fees start at 3.2% + S$0.50 on the Basic plan and drop to 3% + S$0.50 on Advanced. A 2% currency conversion fee applies when you accept payments in a different currency from your payout currency.

• If you need local payment methods beyond cards — or want to hold revenue in multiple currencies without converting it — Airwallex integrates directly with Shopify and offers capabilities that Shopify Payments does not.

Shopify Payments is the payment processor built into Shopify, and for Singapore merchants, it is often the first option you will encounter. It lets you accept card payments directly through your store, without signing up for a separate payment gateway or merchant account.

Because it is part of the Shopify platform, using it means you avoid the extra transaction fees Shopify charges when you use a third-party provider. That said, it is not the right fit for every business. Fees, supported payment methods, and account requirements all depend on your plan and location.

This guide covers everything Singapore-based merchants need to know: how Shopify Payments works, what it costs in 2026, how to set it up, and how it compares to alternatives including Airwallex, Stripe, PayPal, and Adyen.

What is Shopify Payments?

Shopify Payments is Shopify's built-in payment processing solution. It integrates directly with your store's checkout, allowing customers to pay without leaving your site and without you needing a separate payment gateway account.

When you use Shopify Payments, you are not charged the additional third-party transaction fees that Shopify applies when you use an external provider. You also get access to unified reporting — orders, payments, and payouts all managed from one Shopify dashboard.

How does Shopify Payments work?

When a customer reaches checkout on your Shopify store, they select a payment method — such as a credit card, Apple Pay, or Google Pay — and enter their details. Shopify Payments processes the transaction, verifies the card, and initiates a payout to your bank account on your scheduled payout cycle.

You can monitor all transactions, refunds, and disputes directly from your Shopify admin. There is no need to log in to a separate payment processor dashboard.

Is Shopify Payments available in Singapore?

Yes. Singapore is one of the countries where Shopify Payments is supported.² Merchants in Singapore can activate Shopify Payments directly from their Shopify admin settings.

To use Shopify Payments in Singapore, your account must meet the following requirements:

• A full SGD checking account at a Singapore bank, enabled for FAST (Fast And Secure Transfers) or RTGS (Real Time Gross Settlement) transfers

• Your business must not fall under Shopify's prohibited or restricted business categories as outlined in Shopify's Terms of Service

• You must verify your identity and business information — Singapore-based merchants can use Singpass MyInfo for a faster process

Savings accounts, flex-currency accounts, and money transfer services that mimic bank accounts are not accepted.

What types of businesses are restricted?

Shopify Payments has a list of prohibited and restricted business categories. You can review the full list in Shopify's Terms of Service. If your business falls into a restricted category, you will need to use a third-party payment provider instead.

What payment methods does Shopify Payments support in Singapore?

Shopify Payments for Singapore supports the following:

Credit and debit cards

• Visa

• Mastercard

• American Express

• UnionPay

Accelerated checkouts

• Apple Pay

• Google Pay

• Shop Pay

Local payment methods

Local payment methods are displayed at checkout based on your customer's location, not your store's. Singapore-based stores can activate the following for international customers:³

Note: PayNow is not currently available as a local payment method through Shopify Payments in Singapore.³ If accepting PayNow is important for your business, you will need to use a third-party payment provider that supports it.

Cryptocurrency

Shopify Payments in Singapore also supports USD Coin (USDC) as a payment option.³

Shopify Payments pricing and fees in Singapore

Plan subscription fees

Shopify offers four main plans, all billed in Singapore dollars (except Plus, which is billed in USD):¹

The information in this table has been reviewed to be accurate as of 30 March 2026.

A 25% discount applies to Basic, Grow, and Advanced plans when you pay annually.

Card processing fees (Singapore)

These are the rates Shopify Payments charges for card transactions processed in Singapore:

The information in this table has been reviewed to be accurate as of 30 March 2026.

Third-party transaction fees (and the double-fee trap)

If you choose to use a third-party payment provider (such as PayPal or Stripe) instead of Shopify Payments, Shopify charges an additional transaction fee on top of whatever fee your payment provider already charges:¹

The information in this table has been reviewed to be accurate as of 30 March 2026.

This matters because the fees stack. On a Basic plan using Stripe (3.4% + S$0.50) plus Shopify's 2% surcharge, your total cost per transaction can exceed 5% — compared to around 3.2% + S$0.50 with Shopify Payments.

The practical takeaway: if Shopify Payments is available to your business, using it will almost always be cheaper than a third-party gateway.

Currency conversion fee

When a customer pays in a currency that is different from your payout currency, a 2% currency conversion fee applies (for Singapore and all other Shopify Payments regions outside the US and France). The conversion itself is done at the mid-market rate with no markup.⁴

International transaction fees

International transaction fees may be charged to your customers by their bank when they make a cross-border purchase. These fees are set and collected by the customer's bank — they are not charged to you as the merchant and are not controlled by Shopify.⁴

Chargeback handling

If a customer disputes a transaction, the dispute is managed through your Shopify admin. Shopify includes built-in fraud detection and encryption methods such as 3D Secure to help reduce fraudulent transactions.

How to set up Shopify Payments in Singapore

Setting up Shopify Payments takes around 10–15 minutes. Here is how to do it:

Step 1: Go to your Shopify admin

Navigate to Settings > Payments in your Shopify dashboard.

Step 2: Select Shopify Payments

Under the Payment providers section, click Complete account setup or Activate Shopify Payments.

Step 3: Verify your business identity

You will be asked for business details including your Unique Entity Number (UEN) if applicable, and information about business owners or directors. Singapore merchants can verify using Singpass MyInfo, which is the fastest method and recommended by Shopify.

Step 4: Connect your Singapore bank account

You need a full SGD checking account at a Singapore bank, enabled for FAST or RTGS transfers. Savings accounts and money transfer service accounts are not accepted.

Step 5: Review your payout settings

Set your payout schedule. Payouts are deposited to your connected Singapore bank account on the schedule you choose.

Step 6: Activate payment methods

Once set up, credit and debit card payments are active automatically. Go to the Payments section of your admin to switch on accelerated checkouts (Apple Pay, Google Pay, Shop Pay) and any local payment methods you want to offer.

Should you use Shopify Payments?

Pros of Shopify Payments

• No separate account needed. It activates directly from your Shopify admin. You do not need to apply for a merchant account with a third party.

• No third-party transaction fees. You pay only the card processing rate — not the extra surcharge Shopify adds for external providers.

• Unified dashboard. Orders, payments, and payouts are visible in one place, without switching between systems.

• Built-in fraud protection. Shopify Payments includes 3D Secure and fraud detection tools.

• PCI DSS Level 1 compliant. The highest level of payment card data security certification.

Cons of Shopify Payments

• Limited local payment methods in Singapore. PayNow, GrabPay, and other popular local options are not natively available through Shopify Payments in Singapore. You would need a third-party provider to offer these.

• Account holds are possible. Like most payment processors, Shopify Payments may place a hold on your account or funds if unusual activity is detected. This can delay payouts while the issue is reviewed.

• Singapore rates are higher than some alternatives. At 3.2% + S$0.50 (Basic plan), Shopify Payments rates in Singapore are higher than equivalent plans in the US market. If transaction volume is high, a custom-rate provider may be more cost-effective.

• Restricted business types. Certain industries cannot use Shopify Payments and will need a third-party gateway.

Alternatives to Shopify Payments

If Shopify Payments does not meet your needs — whether because of restricted business type, limited local payment methods, or fee structure — there are several alternatives available to Singapore merchants.

Here’s a quick overview of each option:

The information in this table has been reviewed to be accurate as of 30 March 2026.

*Note: When using any third-party provider without Shopify Payments, Shopify adds a transaction fee depending on your plan (2% on Basic, 1% on Grow, 0.6% on Advanced).

1. Airwallex

For businesses that sell internationally or want to avoid unnecessary currency conversion costs, Airwallex offers a payment gateway that integrates directly with Shopify. It goes beyond basic payment processing — it is a full financial platform built for cross-border commerce.

Airwallex's pricing for Singapore merchants is transparent:

• Domestic cards (Visa, Mastercard, Amex, Apple Pay, Google Pay) are charged at 3.30% + S$0.50 per transaction

• International cards are charged with an additional 0.3%

• Local payment methods — including WeChat Pay, GrabPay, and 160+ others — are charged at S$0.50 plus the payment method fee.⁶

The clearest advantage over Shopify Payments is like-for-like settlement. When a customer pays you in USD, GBP, EUR, or another supported currency, Airwallex lets you hold those funds in the same currency. You can then use those funds to pay suppliers in the same currency, avoiding conversion costs at both ends.⁶

Beyond payments, Airwallex offers Global Accounts to receive funds in foreign currencies, corporate cards, and international transfers — making it practical as a single platform for managing global finances.

Worth knowing: Airwallex supports 180+ countries and 160+ local payment methods.⁶ Shopify integration is available through Payment Plugins, alongside WooCommerce and Magento. A no-code option and a full API are both available for different levels of technical setup.⁶

2. Stripe

Stripe is a developer-friendly payment processor with one of the most complete feature sets available. 

For Singapore merchants, here’s what it charges⁷:

• 3.4% + S$0.50 per successful domestic card transaction

• Additional 0.5% for international cards and +2% if currency conversion is required

• PayNow charged at 1.3% per transfer.

• Alipay and WeChat Pay charged at 2.2% + S$0.35

• GrabPay charged at 3.3%.

Stripe supports 135+ currencies and operates in 195 countries. There are no setup fees, monthly fees, or hidden fees on standard pricing.

Worth knowing: Stripe's full feature set — subscriptions, invoicing, revenue recognition, fraud tools — makes it a strong choice for growing businesses. However, if you use Stripe instead of Shopify Payments as your primary gateway, Shopify will add its third-party transaction fee on top of Stripe's rates.¹

3. PayPal

PayPal is one of the most recognised payment brands globally, and that recognition can translate into checkout confidence for customers — particularly when selling to buyers who are unfamiliar with your brand.

In Singapore, PayPal is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution.⁸ It charges no monthly fees and no setup fees — you only pay when you get paid.⁸ PayPal accepts credit and debit cards, Apple Pay, and PayPal wallet payments.⁸ Seller Protection is included on eligible transactions.⁸

For specific processing rates in Singapore, visit PayPal's Singapore fees page directly, as the full fee schedule is more detailed than can be summarised here.

Worth knowing: PayPal has a widely reported history of account freezes and fund holds, sometimes without advance notice. If PayPal is your primary gateway, a disruption can interrupt your ability to receive payouts. It works best as a supplementary option alongside a primary processor, rather than your only payment method.

4. Adyen

Adyen is an enterprise-grade payments platform used by large global businesses. It is suited to merchants with high transaction volumes and more complex payment needs.

Adyen charges no setup fees, no monthly fees, and no integration fees.⁹ You pay per transaction: a fixed processing fee of US$0.13 per transaction plus a payment method fee, which varies by card type and is based on interchange++ pricing.

Worth knowing: Adyen has a minimum monthly invoice requirement depending on your industry and business model. It is best suited to businesses processing meaningful transaction volumes — for smaller merchants, the cost structure may not compare favourably to flat-rate processors like Stripe.⁹

Should you use Shopify Payments?

Shopify Payments is a practical starting point for most Singapore-based merchants on Shopify. It is quick to activate, removes third-party transaction fees, and keeps everything in one dashboard.

However, it does have limitations, including the absence of local payment methods like PayNow and GrabPay, and the fact that processing rates are higher than other alternatives. If your customers expect local payment options, or if you are managing revenue in multiple currencies, a third-party gateway will serve you better.

In particular, Airwallex stands out for merchants who want to accept, hold, and spend in multiple currencies — without converting funds at every step — while keeping payments, transfers, and expense management under one platform.

Frequently asked questions (FAQs)

Is Shopify Payments available in Singapore?

Yes, Singapore is one of the countries where Shopify Payments is supported.² You can activate it directly from your Shopify admin. You will need a SGD checking account at a Singapore bank enabled for FAST or RTGS transfers.²

What are the Shopify Payments fees for Singapore merchants?

For online transactions, Shopify Payments in Singapore charges 3.2% + S$0.50 on the Basic plan, 3.1% + S$0.50 on Grow, and 3.0% + S$0.50 on Advanced.¹ A 2% currency conversion fee applies when accepting payments in a different currency from your payout currency.⁴ If you use a third-party payment provider instead, Shopify adds a separate transaction fee of 2% (Basic), 1% (Grow), or 0.6% (Advanced).¹

Does Shopify Payments support PayNow in Singapore?

No. PayNow is not currently available as a local payment method through Shopify Payments in Singapore.³ If you need PayNow, Airwallex, Stripe and Adyen all support it. However, you'll need to integrate them as a third-party provider, which means paying Shopify's additional transaction fee on top of the gateway's own fees.

What happens if a customer disputes a payment?

Disputes are managed directly from your Shopify admin. You can submit evidence through the dashboard. Shopify Payments uses 3D Secure and fraud detection tools to help reduce the risk of fraudulent disputes before they happen.³ Chargeback fees and handling vary — review the current terms in Shopify's help documentation for Singapore.

Can I use a third-party payment gateway instead of Shopify Payments?

Yes. You can use third-party providers including Stripe, PayPal, and Adyen with your Shopify store. However, if you do not use Shopify Payments as your primary gateway, Shopify charges an additional transaction fee on every order: 2% on Basic, 1% on Grow, and 0.6% on Advanced.¹ This fee stacks on top of your provider's own processing fee.

What is the difference between Shopify Payments and Airwallex for a Singapore merchant?

Shopify Payments is the simpler, faster option for merchants who only need card payments within Shopify and want everything in one place. Airwallex is better suited to merchants who sell internationally, want to hold revenue in multiple currencies without forced conversion, or need access to a wider range of local payment methods.⁶ Airwallex also offers Global Accounts, corporate cards, and international transfers alongside its payment gateway — making it a broader financial tool for businesses with cross-border operations.

Sources:

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

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

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

4. https://help.shopify.com/en/manual/markets/pricing/fees

5. https://help.shopify.com/en/manual/payments/shopify-payments/setting-up-shopify-payments

6. https://www.airwallex.com/sg/payments

7. https://stripe.com/en-sg/pricing

8. https://www.paypal.com/sg/business/accept-payments

9. https://www.adyen.com/pricing

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.