Unlock the Singapore eCommerce Opportunity
Singapore is one of the most advanced cross-border eCommerce markets globally, but it is often overlooked by eCommerce leaders due to its relatively small population.
The propensity of Singaporeans to shop cross-border is higher than that of many of their Asian neighbors. Sixty-percent of Singapore’s eCommerce sales come from cross-border orders, a significant percentage compared to 40% in Malaysia, 18% in Japan, or 25% in South Korea, and the annual eCommerce spend per capita of $1,100. For global eCommerce firms, Singapore is a great growth target with low barriers to entry: English is widely spoken and is oneof the national languages, the currency is stable, and the overall economic environment is business-friendly1.
Credit card penetration in Singapore is quite high, but the overall payment landscape looks very fragmented. There are dozens of new and emerging payment methods that are becoming popular, and consumer preference is shifting from cards to digital wallets and bank transfers. So, how can eCommerce companies seamlessly plug into the Singapore market opportunity?
The Rapyd Global Payments Network provides access to the most popular payment types that consumers and businesses in Singapore use every day. The extension of the Rapyd Global Payments Network to Singapore brings greater convenience to local consumers and businessesby enabling them to easily make payments, convert cash to electronic payment methods, or receive funds instantly, all via a single technical integration.
Payment options available through Rapyd in Singapore
ASEAN’s first Real-Time Payment infrastructure making instant bank payments a reality to pay and receive funds
A robust ecosystem of digital
wallets driving online and
The most widely used payment scheme in Singapore, designed as a national payment system by the Monetary Authority of Singapore (MAS)
Interactive self-service terminals with island-wide coverage and available 24/7, 365 days
Conversion of cash to
electronic payment in stores
What does success in Singapore look like for businesses like yours?
You Can Market to a Population of
Access a Mobile eCommerce Market Value
And an Annual Growth in 2020 of
Gross Domestic Product of
Our Global Services
Remove the friction from accepting cross-border payments.
Meet the demands of your global sellers and Disburse payments quickly and securely.
Complement your marketplace experience with the white-label Rapyd Wallet.
Flexible payouts are possible with Rapyd Issuing, offer cards to your sellers.