Singapore PayNow QR Payment Gateway — Low cost, efficient payments for Singapore based E-commerce Merchants
Get onboard with HitPay’s PayNow QR payment gateway with developer APIs and supported plugins like Shopify, WooCommerce, Prestashop and Magento
It has been 6 months since HitPay launched PayNow QR checkouts for e-commerce merchants in Singapore and this 👇 is what we have learned:
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.
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.
Click on the video below to view the HitPay PayNow QR checkout demo
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.
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!)