Singapore PayNow QR Payment Gateway — Low cost, efficient payments for Singapore based E-commerce Merchants

PayNow is now a ubiquitous payment method in Singapore

PayNow is available on every Singapore banking user’s mobile device and is only a couple of taps away with over 9 banks supporting PayNow QR transactions in addition to DBS PayLah! and Google Pay Singapore. As of September 2019, 2.8m PayNow user registrations were recorded with this number poised to grow post COVID 19.

PayNow QR supported banks in Singapore

Customer LOVE paying with their mobile phones

As opposed to credit card checkouts on e-commerce platforms, PayNow QR checkouts require customers to use their mobile phone to checkout on a e-commerce merchant website. This is a safer and more convenient way for customers to pay and HitPay merchants have observed a 50% decrease in cart abandonment rates after adding PayNow checkouts to their e-commerce store.

Merchants are saving an average of S$500 per month on payment processing fees

When e-commerce merchants use HitPay for PayNow QR payment acceptance, merchants are potentially saving upto S$10,000 in payment fees on an annual basis. PayNow QR acceptance provides upto 70% savings in payment processing fees compared to credit card payment processing. HitPay charges 0.8%+30c per transaction, without any setup, monthly or annual fees.

Savings with HitPay PayNow QR payment gateway

HitPay has dramatically improved cashflow management for e-commerce merchants

With next day payouts for PayNow e-commerce checkouts, HitPay has improved access to cashflows by over 80%. The standard payout period for online credit card payment acceptance is 4–7 business days and HitPay automatically pays out to the merchant, the next day (even on weekends!)

Comparison of payout schedules

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
HitPay

HitPay

5 Followers

No-code, full stack payments platform for online SMEs