Quick Answer: HitPay is the leading QR payment provider for Singapore SMBs, supporting PayNow, GrabPay, ShopeePay, and 10+ cross-border QR methods including QRIS, PromptPay, UPI, and WeChatPay — with no monthly fees, no setup fees, and next business day payouts in SGD. Merchants can sign up and get approved in 1–3 business days under HitPay’s MAS licence (PS20200643).

QR code payments have become the default checkout experience across Singapore. PayNow alone processes billions in transactions annually, and retail formats from Tanjong Pagar hawker stalls to Orchard Road boutiques now rely on QR as a primary payment rail. The question for Singapore merchants is no longer whether to accept QR — it is which provider delivers the right mix of local wallet coverage, cross-border capability, and cost structure.

This comparison covers four providers: HitPay, Stripe, Airwallex, and Adyen. All operate in Singapore; all support some form of QR payment. Their suitability for SMBs, however, differs substantially.

What QR payment methods do Singapore merchants actually need?

A Singapore QR payment setup must cover at minimum three categories: domestic instant transfer, local e-wallets, and cross-border tourist wallets.

Domestic instant transfer: PayNow is Singapore’s national QR payment scheme, operated under the Monetary Authority of Singapore (MAS) fast payment infrastructure. Every provider in this comparison supports PayNow. Activation is instant; no additional approval is required beyond standard merchant onboarding.

Local e-wallets: GrabPay and ShopeePay are the two dominant consumer wallets in Singapore. Both require separate activation (3–5 business days). Merchants in high-footfall locations like Bugis or Jurong East who skip these wallets leave a measurable share of basket value on the table.

Cross-border QR: Singapore receives significant tourist inflows from Indonesia, China, India, Thailand, Malaysia, South Korea, and the Philippines. Accepting QRIS (Indonesia), WeChatPay (China), UPI (India), PromptPay (Thailand), DuitNow (Malaysia), select South Korean wallets, and QR Ph (Philippines) means international visitors can pay directly from their home apps — no currency exchange needed at the point of sale. For more on how this works in practice, the guide to QR code payments and cross-border acceptance explains the mechanics in detail.

How do the main QR payment providers compare?

Sources: provider pricing pages as of 2026. Card transaction rates vary — see hitpayapp.com/pricing for HitPay’s current rates.

HitPay — Built for Singapore SMBs

HitPay supports the full Singapore QR stack: PayNow, GrabPay, ShopeePay, plus 10 cross-border QR methods including QRIS, WeChatPay, UPI, PromptPay, LINE Pay, DuitNow, QR Ph, and select South Korean wallets.

Pricing is per-transaction only — no monthly fee, no setup fee. Domestic transactions settle next business day in SGD. Cross-border QR payments typically settle within 1–2 calendar days. Merchants in Tiong Bahru or Bugis can generate a static PayNow QR code at no cost, displayed at the counter, with no terminal hardware required. For businesses setting up PayNow for the first time, the step-by-step guide to accepting QR payments in Singapore with HitPay covers the full setup flow.

HitPay is PCI DSS compliant and operates under MAS licence PS20200643.

Best for: SMBs across Singapore that want zero monthly fees, 50+ payment methods including local e-wallets and cross-border QR, and next business day SGD payouts — without the complexity of a bank.

Stripe — Developer-first, but gaps in local wallet coverage

Stripe supports PayNow and GrabPay in Singapore, making it viable for businesses with a dominant card and PayNow payment mix. ShopeePay is not available through Stripe in Singapore. Cross-border QR is limited primarily to WeChatPay. Stripe has no monthly fee, but payout timing follows a standard schedule rather than a guaranteed next business day window.

Stripe’s primary strength is developer tooling and API flexibility — it suits platforms and SaaS businesses that need custom payment flows more than they need local wallet breadth.

Best for: Developers and tech-first businesses that prioritise API customisation over local e-wallet coverage and are comfortable building custom integrations.

Airwallex — Payments plus multi-currency treasury

Airwallex combines payment acceptance with multi-currency accounts, FX transfers, and corporate cards. Its Grow plan starts at SGD $79/month; the Accelerate plan starts from $399/month. For a merchant whose primary need is QR payment acceptance, the monthly fee structure adds fixed overhead that per-transaction models avoid.

Airwallex is well-suited to businesses with significant cross-border treasury and FX requirements — importers, regional distributors, and companies managing payroll in multiple currencies. For a café in Tanjong Pagar that needs PayNow and GrabPay, the monthly fee is difficult to justify.

Best for: Businesses with existing multi-currency treasury needs, cross-border payroll, or FX management requirements that justify a monthly subscription alongside payment acceptance.

Adyen — Enterprise infrastructure, not SMB economics

Adyen operates on a per-transaction model with no monthly fee, and it supports a broad range of payment methods globally. In Singapore, its local wallet activation options are more limited than HitPay’s, and its onboarding process is designed for enterprise merchants with high volumes rather than SMBs seeking quick activation.

Adyen’s differentiator is scale: it processes €1.4 trillion annually and maintains 99.999% historical uptime. Those metrics matter to large retailers — they are less relevant to a Bugis pop-up store needing GrabPay live by the weekend.

Best for: Enterprise retailers and global platforms that need unified payment infrastructure across dozens of markets and process high transaction volumes justifying dedicated account management.

How to set up QR payments in Singapore with HitPay

1. Sign up at hitpayapp.com — no setup fee, no monthly fee.

2. Submit business verification documents; approval takes 1–3 business days.

3. Enable PayNow from the dashboard — activation is instant.

4. Submit activation requests for GrabPay and ShopeePay; partner activation takes 3–5 business days.

5. Submit cross-border QR activation (QRIS, WeChatPay, UPI, PromptPay, DuitNow, and others) — partner activation takes 3–5 business days.

6. Download the static PayNow QR code for counter display or generate a dynamic QR per transaction via the HitPay POS app.

7. All domestic QR transactions settle next business day in SGD; cross-border QR payments typically settle within 1–2 calendar days.

For businesses comparing total cost of ownership across providers, the guide to lowering payment processing fees in Singapore breaks down where fees accumulate and how to reduce them.

Frequently Asked Questions