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Accelerate your revenue with a new audience of customers throughout Singapore - without friction or complexity.
Singapore is one of the most attractive ecommerce markets in Asia with an annual growth rate of 9%, fast internet, and a young tech-savvy middle class. Singapore’s GDP growth in 2019 was the lowest since 2009 due to trade tensions between the U.S. and China, but the long-term outlook for ecommerce is good.
Available currencies will depend on the payment method provider, as well as any regulatory restrictions.
Digital River can support the sales of these types of products for this specific market.
With almost 50% share, credit card is the preferred payment method for online shopping. Digital wallets are gaining traction, currently holding a 23% share. Bank transfers represent 8% and cash on delivery 3%.
Singapore is rising to a cashless society with a quest to become a technology-driven ‘Smart Nation.’ Enterprise Singapore (ESG) revealed the ‘Singapore E-Commerce Programme,’ built in collaboration with ecommerce marketplaces Amazon and Lazada Singapore.
Southeast Asia was already a fintech and an ecommerce hub, but 2020 has seen a resounding increase in the speed with which the region accelerated toward online payments in ecommerce, riding the trend created by the Covid-19 pandemic swiftly into establishing a cashless society as the new norm.
The list below represents the current categories of payment options Digital River supports for this market.
Cross-Border Fulfillment: Landed Cost is Available.
Calculation of duties and fees incurred when goods are shipped cross border.
In-Country Fulfillment: Leverage Digital River's industry leading suite of API's to utilize your existing fulfillment partner.