New no-code tool that applies instant, payment-method-specific discounts to cut cart abandonment and shift customers from high-fee payment methods to more budget friendly options.
SINGAPORE, 10 December — Razorpay Singapore today announced the launch of a new checkout feature, Razorpay Offers, designed to help businesses influence payment choices at the point of purchase through instant discounts, tied to specific payment methods. The feature provides a practical tool for merchants to tackle two key issues in Singapore’s e-commerce landscape, namely high costs of accepting payment due to rising transaction costs, and high cart abandonment rates.
Razorpay Offers integrates directly into existing Razorpay checkout flows and payment links and does not require additional engineering work. Merchants can set up targeted Smart Offers that appear only when a shopper selects eligible payment methods, such as PayNow or credit cards, providing a way to improve completion rates while managing the cost impact of different payment methods.
Angad Dhindsa, Head of Southeast Asia, Razorpay said, “Merchants today are looking for practical levers that improve the customer journey without any additional complexity. This feature is designed to fit directly into existing workflows and support merchants, navigating both conversion challenges and reducing cost of accepting payments.”
The launch comes at a time when many businesses are reassessing margins in the face of increased volatility in customer behaviour. Global cart abandonment rates remain high at around 70%, with mobile rates even higher. Surveys continue to show that friction at checkout, in particular unexpected charges like shipping fees and taxes, are the largest driver of drop-offs. In Singapore, abandonment levels in several categories, including fashion and accessories, have exceeded 85% in 2024. Offers will help counter this by providing discounts at the precise moment of decision, effectively neutralising the shock of added fees and giving customers the final incentive needed to complete their purchase.
Rising payment acceptance costs have also become a source of pressure for merchants. Credit cards continue to dominate online transactions in Singapore and remain one of the most expensive payment methods, with fees reaching up to 3.4% + S$0.40 per transaction. PayNow, by contrast, is a significantly lower-cost alternative. Features like Razorpay Offers will now provide a way for merchants to gently guide behaviour toward more cost-efficient options, without adding friction to the checkout journey.
With e-commerce competition intensifying and customer expectations rising, businesses are increasingly prioritising tools that reduce friction and support predictable, sustainable growth. The introduction of Razorpay Offers reflects an industry-wide move toward tools that make checkout experiences clearer, faster, cost efficient and more adaptable – particularly as merchants aim for more predictable and sustainable growth models.
Razorpay, a leading payments technology platform, empowers businesses in Singapore to enhance their payment experience effortlessly. Razorpay’s technology helps businesses streamline their finances, automate payouts, and gain real-time financial insights—all from a user-friendly platform. Focus on growing your business while Razorpay takes care of the rest. Sign up today and experience the difference!
