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Bank Transfer (SG)
Bank transfers play a significant role in Singapore's e-commerce ecosystem, facilitated by real-time systems like FAST and PayNow. These payment methods enable seamless online transactions, allowing customers to transfer funds directly from their bank accounts to merchants without requiring credit cards or additional payment platforms.
Method
Bank Transfer (SG)
LPM Market Share
68%
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
4M
Disbursements
Yes
Yes
Chargebacks
$25.00
Authorization currency
SGD
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
Real-time processing via FAST and PayNow ensures immediate confirmation of transactions, which is vital for order fulfillment
Supported by nearly all banks in Singapore, making it accessible for a broad customer base
