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What are the online payment methods in Singapore?

25 Jul 2022 By PAYCEC

There are many online payment methods in Singapore, including:

  • Credit cards are the most popular method of online payment, accounting for 74% of all transactions. Visa controls the majority of the credit card market in Singapore, accounting for 57.2 percent.
  • Bank Transfer: the transfer of funds from one account to another within the same bank or across banks, as long as the transfer is supported.
  • Cash-on-Delivery: allows customers to pay for their purchases in cash at the time of delivery.
  • Direct Debits: Customers can pay for purchases by debiting their bank account. The merchant debits (or withdraws) the corresponding amount from the customer's bank account, which is then transferred to the merchant's bank account. This is usually subject to prior customer approval.
  • PayCEC: an online payment and money transfer service that lets you send money via email, phone, text message, or Skype. PayCEC, which has many years in the Fintech field, provides products to both individuals and businesses, including online vendors, auction websites, and corporate users.

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