Setting up QR payments in Singapore takes just 5 minutes with HitPay, compared to traditional providers requiring 3-7 days for onboarding. The platform enables businesses to accept PayNow QR payments without POS hardware at a competitive 0.4% transaction fee, beating the upcoming 0.5% SGQR bank rates starting December 2025.

At a Glance

• HitPay Static QR setup completes in under 10 minutes with no technical expertise required

• Flat 0.4% transaction fee undercuts SGQR's 0.5% rate effective December 31, 2025

• No monthly fees, setup costs, or POS hardware needed—just print and display the QR code

• Real-time payment notifications via email and mobile push alerts ensure instant transaction tracking

• Next business day settlement directly to corporate bank accounts

• Regulated by MAS as a Major Payment Institution, ensuring compliance and security standards

Singapore's digital payment landscape has transformed dramatically, with cashless payments reaching an unprecedented 97% adoption rate at retail points-of-sale. For businesses looking to tap into this digital wave, accepting QR payments has become essential. HitPay offers a remarkably simple solution—enabling merchants to set up PayNow Static QR in under 10 minutes, a stark contrast to the complex onboarding processes many competitors require.

What does it take to accept QR payments today?

The QR payment revolution in Singapore centers around two key systems that have reshaped how businesses accept payments. PayNow, launched in 2017, has grown to serve 5 million users, covering approximately 89% of Singapore's population. This instant payment service allows customers to transfer funds using just a mobile number or UEN, eliminating the need for bank account details.

Building on this foundation, SGQR+ represents Singapore's enhanced unified QR code payment system. This upgraded infrastructure enables customers to pay using multiple digital wallets through a single QR code, streamlining the payment experience for both merchants and consumers.

For businesses ready to embrace this shift, HitPay stands out with its ability to accept PayNow QR code payments without requiring a POS system or additional hardware. This approach particularly benefits small businesses, hawker stalls, and cafés that need quick, cost-effective payment solutions.

How much do QR payments cost and what regulations apply in 2025?

The cost landscape for QR payments is shifting in 2025, with significant changes on the horizon. Starting December 31, 2025, SGQR via banks will apply a 0.5% transaction fee, marking a new era in QR payment pricing. Against this backdrop, HitPay maintains competitive pricing with a flat 0.4% transaction fee for PayNow QR—offering businesses a more affordable alternative.

Regulatory compliance forms the backbone of Singapore's payment ecosystem. The Payment Services Act 2019, which commenced on January 28, 2020, provides comprehensive licensing and regulation for payment service providers. This framework ensures that all payment platforms operating in Singapore meet stringent security and operational standards.

Digital payment growth continues to accelerate, with total transaction value projected to reach US$20.82 billion in 2023. This represents an annual growth rate of 18.23% through 2027, underscoring the critical importance of adopting QR payment capabilities now.

Set up HitPay Static QR in 5 minutes – step-by-step

Setting up HitPay Static QR is refreshingly straightforward, designed for businesses that need to start accepting payments immediately. The process requires no technical expertise and can be completed in under 10 minutes, making it ideal for time-pressed merchants.

Here's the complete setup process:

Log in to your HitPay account. Navigate to the Static QR section. Create a new QR code, specifying details like location or purpose. Download and print the QR code for display.

Once displayed, the payment flow is equally simple. Customers scan the QR code using their preferred banking app, manually enter the payment amount, and click "Pay." Merchants receive instant payment alerts via email and mobile push notifications, ensuring real-time transaction tracking.

The beauty of this system lies in its simplicity—businesses can accept PayNow QR code payments without needing a POS system or additional hardware. Simply print and display the QR code, and you're ready to accept payments from millions of PayNow users across Singapore.

HitPay vs SGQR via banks, Stripe PayNow & traditional POS

When comparing payment solutions, the differences in setup complexity and costs become immediately apparent. HitPay charges a flat 0.4% transaction fee, which undercuts the 0.5% SGQR fee that banks will levy from December 31, 2025. This pricing advantage, combined with no setup or monthly fees, makes HitPay particularly attractive for small businesses.

Stripe's PayNow integration, while functional, comes with technical requirements that may challenge smaller merchants. The system requires that all line items must be in Singapore dollars and doesn't support recurring subscription plans. PayNow through Stripe functions as a single-use payment method, with customers scanning a QR code during checkout before being redirected back to the merchant's website.

Traditional POS systems present their own challenges. According to industry research, traditional acquirers need 3-7 days for merchant onboarding, compared to modern payment facilitators that can onboard merchants in 5-15 minutes. The cost difference is equally stark—traditional acquirers spend $250-350 on average to process an application, while payment facilitators like HitPay achieve this for around $8.

SGQR+ implementation across Singapore is expanding rapidly, with 24,000 acceptance points being rolled out island-wide at retail and F&B outlets. However, businesses using SGQR must have individual contractual arrangements with merchant acquirers, adding complexity to the setup process.

How secure are QR code payments & what compliance steps matter?

Security concerns around QR payments require serious attention from merchants. Malicious QR codes are used to redirect unsuspecting individuals to phishing websites, making it crucial for businesses to implement proper safeguards. Legitimate QR codes can be altered or tampered with to trick customers into directing payments to fraudulent accounts.

Regulatory compliance isn't optional—it's essential for operating legally in Singapore. Payment service providers must comply with AML/CFT requirements as set out in the Financial Services and Markets Regulations. This includes adhering to the Notices on Prevention of Money Laundering and Countering the Financing of Terrorism.

Financial institutions face evolving cyber threats that demand vigilance. As MAS emphasizes, "A cyber-attack can result in a prolonged disruption of business activities. Threats are constantly present and evolving in sophistication. We cannot afford to be complacent." This reality underscores why choosing a MAS-regulated Major Payment Institution like HitPay provides crucial security advantages.

Which businesses benefit most from HitPay QR payments?

HitPay's QR payment solution serves diverse business models, each finding unique advantages in the platform's flexibility. The Hawkers Go Digital initiative, a collaboration between the SG Digital Office and National Environment Agency, has helped hawker stalls leverage digital payment solutions, with HitPay enabling them to print unified PayNow-GrabPay QR codes within minutes.

Pop-up vendors and weekend market sellers particularly benefit from HitPay's portable solution. With Singapore's 97% cashless payment adoption at retail points, these temporary setups need payment acceptance without complex infrastructure. HitPay's Tap-to-Pay feature provides an elegant solution for vendors requiring card acceptance without expensive terminal hardware.

E-commerce businesses find value in HitPay's integration capabilities. The platform enables merchants to integrate PayNow into WooCommerce stores with a quick 15-minute setup. This seamless integration, combined with transparent pay-per-transaction pricing and next-day settlements, helps online retailers maintain healthy cash flow while offering customers their preferred payment method.

The versatility extends to businesses with multiple locations, as HitPay allows creation of separate QR codes for different outlets or purposes, enabling effective sales tracking across various touchpoints.

Key takeaways

HitPay transforms QR payment acceptance from a complex technical challenge into a 5-minute setup process. With its flat 0.4% transaction fee beating the upcoming SGQR bank rates, no monthly fees, and instant payment notifications, HitPay delivers both simplicity and savings.

The platform's MAS regulation ensures compliance and security, while features like multiple QR code generation and real-time alerts provide the operational flexibility modern businesses need. Whether you're running a hawker stall, managing a café, or operating an e-commerce store, HitPay's solution scales to meet your needs.

For Singapore businesses ready to embrace the digital payment revolution, HitPay offers the fastest path from sign-up to accepting your first QR payment. The combination of regulatory compliance, competitive pricing, and remarkably simple setup makes it the clear choice for merchants who value their time and bottom line.

Frequently Asked Questions

What is the adoption rate of cashless payments in Singapore?

As of 2025, Singapore has reached a 97% adoption rate for cashless payments at retail points-of-sale, highlighting the widespread acceptance of digital transactions.

How does HitPay's QR payment setup compare to competitors?

HitPay offers a straightforward setup process for QR payments that can be completed in under 10 minutes, contrasting with the more complex onboarding processes of many competitors.

What are the transaction fees for using HitPay's QR payment system?

HitPay charges a flat 0.4% transaction fee for PayNow QR payments, which is lower than the 0.5% fee that banks will apply for SGQR transactions starting December 31, 2025.

How does HitPay ensure the security of QR payments?

HitPay complies with the Payment Services Act 2019 and adheres to AML/CFT requirements, ensuring that its payment platform meets stringent security and operational standards.

What types of businesses benefit most from HitPay's QR payment solution?

HitPay's QR payment solution is ideal for small businesses, hawker stalls, pop-up vendors, and e-commerce stores, offering flexibility, ease of setup, and competitive pricing.

Sources

1. https://hitpayapp.com/sg/static-qr

2. https://hitpayapp.com/blog/2025-guide-generating-a-paynow-static-qr-for-your-singapore-caf%C3%A9-using-hitpay-fees-limits-setup-time

3. https://hitpayapp.com/blog/singapore-2025-best-pos-software-for-small-retail-stores-accepting-paynow-grabpay-%28hitpay-vs-local-alternatives%29

4. https://www.airwallex.com/sg/blog/paynow-qr

5. https://hitpayapp.com/blog/2025-guide-to-choosing-a-pos-for-singapore-hawker-stalls-paynow-grabpay-the-new-sgqr

6. https://www.mas.gov.sg/regulation/payments/regulations-and-guidance

7. https://hitpayapp.com/blog/pop-up-ready-payments-adding-paynow-grabpay-to-hitpay-pos-for-weekend-markets-in-singapore

8. https://hitpayapp.com/sg/changelog/hitpay-static-qrs

9. https://docs.stripe.com/payments/paynow/accept-a-payment

10. https://www.police.gov.sg/media-room/news/20230522_-joint_advisory_on_protecting_yourself_from_malicious_qr_codes

11. https://www.mas.gov.sg/-/media/mas-media-library/regulation/guidelines/pso/ps-g01-guidelines-on-licensing-for-payment-service-providers/guidelines-on-licensing-for-payment-service-providers-updated-8-oct-2025.pdf

12. https://www.mas.gov.sg/regulation/cyber-security

13. https://hitpayapp.com/blog/how-to-enable-paynow-payments-on-woocommerce-with-hitpay-%28singapore-2025-edition%29

14. https://hitpayapp.com/jp/blog/hong-kong-payment-gateway-why-hitpay-is-the-ultimate-choice-for-smbs