At Razorpay, we have always believed in pushing the boundaries of innovation to simplify money movement for businesses – no matter where they are in the world.
From revolutionizing real-time payments in India to transforming Malaysia’s digital payment ecosystem, we have consistently delivered cutting-edge solutions that empower businesses of all sizes. Today, with a strong presence across India and Malaysia, powering over millions of businesses and facilitating seamless transactions for over 200 million customers, we are thrilled to take our next big leap – bringing Razorpay’s world-class payment solutions to Singapore. Our success in Malaysia, where Curlec by Razorpay achieved 10X growth, has reinforced our belief in the need for seamless payment solutions in emerging digital economies.
Starting today, Businesses in Singapore can now access Razorpay Singapore’s suite of services, including payment gateway, cross-border transaction solutions, and real-time financial analytics.
Bridging the Gap: Payments Uncompromised
Southeast Asia (SEA) is witnessing an unprecedented digital payments boom, with transaction volumes projected to surpass US$2 Tn by 2030. Singapore, at the heart of this transformation, is leading the charge with a 97% digital payment penetration rate and a strong push for cashless transactions. Digital payments in Singapore will grow by 2X to US$180 billion by 2029 and its eCommerce market, currently valued at US$20-23 Bn, is anticipated to reach US$40Bn by 2028, ranking it among the top digital markets in APAC.
40% of SEA’s online digital payments in 2024 were through Real-Time Payments in Singapore. With initiatives like SGQR (Singapore QR), PayNow, and cross-border payment linkages with countries like Thailand and India, Singapore is setting new benchmarks for frictionless, instant, and borderless digital payments, making it an attractive hub for fintech innovation.
While domestic payment innovations thrive, cross-border complexities and evolving customer expectations remain key challenges. Businesses in Singapore currently pay 4-6% per transaction on cross-border payments, impacting their scalability in a fast-paced, digital-first market. SMEs in Singapore continue to struggle with fragmented payment systems that drive up transaction fees and limit access to real-time payments in other Asian markets, creating barriers to their scalability and global reach.
As Singapore pushes forward, the need for bold innovation and seamless financial connectivity has never been greater. To address the varied challenges, Razorpay launched a suite of payment solutions that will empower Singaporean businesses to scale rapidly with real-time payments and unlock multi-market expansion by reducing cross-border transaction fees by 30-40% and power the next generation of global-first businesses.
Shashank Kumar, MD & Co-founder, Razorpay said,
As one of the most advanced digital economies, Singapore is the ideal market for our next phase of growth in Southeast Asia. Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy, and we look forward to empowering local businesses with cutting-edge AI-powered solutions to drive digital transformation at scale. Our AI-drive payments suite, including Agentic-AI and RAY, will redefine how businesses operate, offering not just seamless transactions but also intelligent automation that enhances operational efficiency. As part of this, our new Payment Gateway, combined with a reimagined checkout and AI-powered solutions, will not only simplify transactions but also drive over 30% higher conversions, leading to increased revenues, while ensuring utmost safety, security, and compliance. Payments should be seamless, and collaboration, innovation, and customer-centricity will be the key drivers in unlocking the full potential of digital payments and fueling economic growth in Singapore.
Unlocking the Full Potential of Singapore’s Businesses
With the launch of Razorpay’s payment solutions in Singapore, businesses can now unlock:
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- Seamless Multi-Currency Transactions & Real-Time Payments: Facilitates innovations on the real-time payment rails like PayNow, provides cost-efficient cross-border payments, enabling businesses to operate globally with reduced expenses, given that 30-50% of online payments received by Singaporean businesses are cross-border.
- Agentic-AI Toolkit, an AI-Powered Payments Suite: While the full potential of GenAI is still unfolding, Agentic-AI is quickly becoming a key focus in financial services. It’s a software development kit (SDK) that enables AI agents to engage in transactions with human users, transforming onboarding, integration, and real-time financial intelligence. Tomorrow, AI agents can do everything – book flights, put together a packing list for one’s upcoming San Francisco flight, or reserve your ticket for the next Coldplay concert before it’s sold out in 3 minutes.
- RAY – AI Concierge for all things Payments: With the commitment to offering unmatched convenience and efficiency for businesses when it comes to Payments, Payouts, Payroll, Vendor payments and much more. RAY will solve all payment-related needs of e-commerce businesses, be it the need to go live as soon as possible, or want the best success rates, or protection from fraud and revenue leakage.
- Increased Efficiency and Cost Reduction Through Seamless Checkout: Businesses can enhance operational efficiency with Magic Checkout by offering a one-click payment checkout experience, reducing drop-offs and abandoned transactions.
- Wide Range of Payment Methods: It supports various payment options, including credit and debit cards, digital wallets, real-time payment rails (RTP), and bank transfers. Digital wallets and RTP, in particular, are seeing rapid growth and now make up 30-40% of all digital transactions.
- Advanced Features for Smarter Financial Decisions:
- Real-Time Analytics: Actionable insights to drive better business decisions.
- Automated Reconciliation: Simplified reconciliation with fewer manual errors.
- Fraud Detection: Enhanced security to mitigate fraudulent transactions.
Angad Dhindsa, South East Asia Head, Razorpay Singapore said,
We understand the unique challenges that small and medium businesses here face, from navigating cross-border transaction costs to struggling with operational inefficiencies that limit their scalability. With 30-50% of online payments in Singapore being cross-border, businesses need seamless, cost-effective solutions that empower them to transact globally with ease. Additionally, as real-time payments continue to redefine digital transactions in Singapore, we aim to provide businesses with faster settlements and seamless payment processing, ensuring instant and frictionless financial operations across borders.
Building the Future Together
Singapore’s rapidly evolving digital economy presents immense opportunities for local businesses. And, Razorpay has emerged as a powerhouse in Asia’s fintech ecosystem, consistently driving innovation and simplifying financial operations for millions of businesses.
With this launch, Razorpay aims to bridge the technology gap between local and international payment gateways, enabling Singaporean businesses to seamlessly transact across borders while strengthening business ties between India and Singapore. We will work closely with banks, financial institutions, and regulatory bodies to ensure seamless integration and compliance with Singapore’s financial landscape.
We’re excited to fuel Singapore’s digital transformation and contribute to its thriving economy. The future of digital payments will be innovative, invisible, seamless, and powered by Razorpay.
