Mobile Payment Options for Singapore Used by Major Operators

Mobile Payment Options for Singapore Used by Major Operators

by September 30, 2021

As more and more of our daily lives take place online, companies have realised that making it possible for customers to make payments digitally is an essential part of doing business. The days of mailing payments in are on their way out. There are many options for mobile payments these days and it can be a bit confusing to figure out which ones are accepted by which companies. This handy list will hopefully provide some guidance in making mobile payments.

E-commerce in general has grown over the last two years, spurred largely by people making changes to their daily routines because of the Covid-19 pandemic. As these changes become the new normal, we can expect to see this sector to continue to grow. A recent report has projected that by 2024, mobile wallet payments will account for over 50% of the e-commerce payments made, with ‘Buy Now, Pay Later’ options also set to grow at an impressive rate.


Mobile payments through a digital wallet

Since digital wallets are set to become the most common form for mobile payments, let’s take a look at some of the options available. A digital wallet is simply an app that allows the user to link their credit and/or debit card details. Like using a card, many of these apps will require users to input a PIN when making a payment in order to keep their accounts protected. Some mobile wallets are international, accepted in most countries and recognised by most banks. Others have a more limited user base, either regional or in some cases only accepted in a single country. These smaller wallets can be just as protected as the larger ones, but they are less convenient if travelling.

Some of the biggest mobile wallets are linked with major cell phone services, such as Apple Pay, Google Pay and Samsung Pay. Many people choose to use these because they are accepted in most countries. One of the most popular international mobile wallets is Alipay. Part of the Alibaba Group, Alipay was established in 2003, but it wasn’t until the mid-2010s that their expansion outside of China began in earnest. In 2017, they partnered with Singapore start-up CC Financial Services to bring their services to Singapore. Originally intended primarily as an option for Chinese tourists, it has grown to be a popular digital wallet option for locals as well.

Mobile payments through an app

The other most common type of mobile payment is through a specialised app. These apps work by allowing users to deposit money into an account tied to the app. The app then draws from this account when it is used to make purchases. These are a great way to monitor your spending and keep it within a budget. These apps are also a good way to keep your primary bank accounts protected. Since the only funds the app can access are those that the customer has chosen to deposit, these types of apps can be a great tool for people travelling, trying to adhere to a budget or wanting the peace of mind that comes from leaving the credit cards at home.

In Singapore, there are many options to choose from. The Paysafe Group has consolidated some of the biggest players in the market and brought them into the company. Skrill and Neteller are two of the most popular mobile payment options that have recently been brought into the Paysafe family. As part of such a major company, both offer cross-border payment options.

Some industries accept a wider range of mobile payments than others do. The online gambling industry is one of these. To look at just one example, one of the most popular betting sites in Singapore accepts not only credit and debit cards and bank wire transfers but also AstroPay, Skrill, Skrill 1-Tap and Neteller. Offering a wider range of payment options might make things slightly more expensive and difficult for the company, but it makes it much easier for the customer.

In today’s world, people are shying away from using cash in their daily lives even when it is possible to do so. Knowledge of the available mobile payment options is a great way to make sure that you are always able to pay the way you would like. This level of financial control can help you be more aware of your spending and makes it easier to catch scam charges if they happen, meaning that mobile payment options can provide both convenience and peace of mind.

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