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Find out more about online payment methods in Singapore and how to increase conversion here.
Domestic and Preferred Card Schemes
• Credit cards are the preferred method of online payment at 74%.
• Visa has the majority share of the credit card market in Singapore with 57.2%.
Alternative Payment Methods
• Bank Transfer: the transfer of funds from one account to another within the same or interbank, as long as supported.
• Cash-on-Delivery: lets customers pay for their purchases by cash upon delivery.
• Direct Debits: enable customers to pay for their purchases via debiting their bank account. The merchant debits (or withdraws) the customer’s bank account with the corresponding amount and then it is transferred to the merchant’s bank account. This usually requires prior customer approval.
• eNETS: a product of NETS, a Singaporean consortium owned by Singapore’s largest banks. eNETS provides services that allow merchants to accept card payments and direct debit via internet banking payments from their customers. eNETS direct debit payment is available to Singaporean consumers with DBS/POSB, OCBC, UOB or Citibank Internet Banking accounts.
• PayPal: an online payments and money transfer service that allows you to send money via e-mail, phone, text message or Skype. Founded in 1998, PayPal offers products to both individuals and businesses alike, including online vendors, auction websites and corporate users.
Read an in-depth overview (including sources) of card schemes, alternative payment methods, online payment methods in Singapore and how to increase conversion by using the payment methods in the downloadable country report.
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