A vital financial hub for global businesses, Singapore is one of the world’s largest financial centers. Despite its small size, the city-state’s extremely business-friendly environment and international ties make it a strategic center for businesses expanding in Asia and beyond.
Ecommerce in Singapore is thriving and 55% of transactions are cross-border. Smartphone adoption is about 90% and m-commerce continues to grow. In Singapore, cards are the most popular payment method with 7.7 million in circulation followed closely by bank transfers and NETS payments. Contactless and ewallet payments like Apple Pay and Google Pay ™ are also picking up pace.
Adyen’s direct credit card acquiring license in Singapore allows businesses to connect directly to Visa and Mastercard. This means brands can take full advantage of Adyen’s single platform covering payments online, in-app, or in-store.