Singapore has a well-developed and competitive payment services landscape. Some of the main payment service providers in Singapore include:
- DBS Bank: DBS is one of the largest banks in Singapore and offers a wide range of payment services, including internet banking, mobile banking, and various payment methods such as PayLah! for peer-to-peer payments.
- United Overseas Bank (UOB): UOB provides internet banking services, mobile banking apps, and various payment solutions for individuals and businesses.
- OCBC Bank: OCBC offers internet banking and mobile banking services, as well as OCBC Pay Anyone, which enables easy fund transfers to friends and family.
- Standard Chartered Bank: Standard Chartered provides online banking and mobile banking services, along with various digital payment solutions.
- Citibank: Citibank offers internet banking, mobile banking, and Citi Pay for digital payments.
- NETS (Network for Electronic Transfers Singapore): NETS is a leading payment service provider in Singapore, primarily known for its electronic funds transfer at point-of-sale (EFTPOS) services. NETS cards are widely accepted for retail transactions.
- GrabPay: GrabPay is a popular mobile wallet and payment platform in Singapore, often used for ride-hailing and various other transactions.
- PayPal: PayPal is widely used for online payments and international transactions in Singapore.
- AliPay and WeChat Pay: These Chinese mobile payment services have gained popularity in Singapore, especially among tourists and businesses catering to Chinese customers.
- Fintech Startups: Singapore has a thriving fintech ecosystem, and several startups offer innovative payment solutions. Examples include TransferWise (now known as Wise), Revolut, and BigPay.
- SGQR: The Singapore Quick Response Code (SGQR) is a standardized QR code system that allows various payment service providers and merchants to accept QR code payments through a single code. Many payment apps and services in Singapore support SGQR.
- Credit Card Companies: Major credit card providers like Visa, Mastercard, and American Express are widely accepted for card payments in Singapore.