E-wallets in Singapore: A complete guide for businesses [2027]

Here is what Singapore businesses need to know about accepting e-wallets, from how a QR payment works to which wallets customers carry

Key takeaways

• An e-wallet is a mobile app for storing funds and paying by QR code, in-app transfer or linked card, with Singapore providers regulated by the Monetary Authority of Singapore (MAS)
• GrabPay and ShopeePay sit inside the Grab and Shopee apps
• DBS PayLah! and Dash support QR payments at Singapore merchants, while YouTrip is a travel wallet with a separate business account
• TNG eWallet and Alipay let visitors from Malaysia and the Chinese mainland pay Singapore merchants through Alipay+
• The World Account by WorldFirst complements e-wallet acceptance with multi-currency receiving, holding and sending for businesses selling internationally

Singapore’s e-wallet market has grown fast. According to Worldpay’s Global Payments Report 2025, digital wallets accounted for 38% of e-commerce transactions in Singapore in 2024. Global e-wallet use is still higher, as digital wallets made up 56% of e-commerce value worldwide in 2025.

For hawkers, retailers and online stores, e-wallets are now part of everyday checkout. This guide groups the top e-wallets in Singapore by type and shows where the World Account by WorldFirst fits if you also sell overseas.

What is an e-wallet?

An e-wallet (electronic wallet) is a mobile app that stores money for payments and transfers. Customers add funds from a bank account or card, then pay from the app instead of using cash or a physical card.

In Singapore, most in-store e-wallet payments are made by scanning an SGQR (Singapore Quick Response Code) label. One SGQR label can carry several payment schemes, so you don’t need to display a separate QR code for each e-wallet.

For example, if a customer pays at a hawker stall, they scan the stall’s SGQR label, enter the amount and confirm with a PIN or biometric login. The stall receives the payment without needing a card terminal.³ The same process works for retail and F&B purchases, bill payments and transfers between peers.

Many e-wallets are also linked to PayNow, which lets users send Singapore dollars between bank and e-wallet accounts with a mobile number or NRIC/FIN (National Registration Identity Card or Foreign Identification Number).

Are e-wallets regulated in Singapore?

Yes, e-wallet providers in Singapore are regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, which covers services such as e-money issuance.⁵  Providers typically hold a Standard Payment Institution (SPI) or Major Payment Institution (MPI) licence, depending on their services and transaction volumes.

Before working with a provider, you can confirm its licence on the MAS Financial Institutions Directory. Most e-wallets also protect users with PINs, biometric login, two-factor authentication and transaction alerts.

Top e-wallets in Singapore

The e-wallets below fall into six types: super-app (GrabPay), travel (YouTrip), marketplace (ShopeePay), payments and remittance (Dash), bank (DBS PayLah!) and cross-border (TNG eWallet and Alipay).

GrabPay

GrabPay Wallet is the licensed e-money wallet inside the Grab super-app.¹  Customers pay at GrabPay merchants by scanning a QR code in-store or choosing GrabPay Online at checkout.¹ Businesses registered with ACRA (Accounting and Corporate Regulatory Authority) can apply to accept it.²

• Guided integration for website and app payments²
• QR stickers for approved in-store merchants²
• End-of-day settlement for online payments, in SGD only²

YouTrip

YouTrip is a multi-currency travel wallet with a prepaid Mastercard, issued by a major payment institution licensed by MAS.³  It is built for personal travel spending in 150+ countries, while YouBiz is its separate business account.^3,4

• 12 wallet currencies for in-app exchange³
• Zero foreign exchange (FX) fees on overseas spending³
• Apple Pay and Google Pay support³
• YouBiz remittances to 150+ countries and Xero integration

ShopeePay

ShopeePay is a digital wallet issued by ShopeePay Private Limited within the Shopee app.⁵  Customers use it for transactions on Shopee, offline payments at merchants that accept ShopeePay and transfers to contacts.⁵

• Online merchant registration for ShopeePay alone or with SPayLater (Shopee’s buy-now and pay-later payment solution)
• Eligibility for Singapore-registered businesses with a business licence and business bank account ⁶
• Customer transactions of up to S$5,000 with verified ShopeePay PLUS accounts⁵

Dash (formerly Singtel Dash)

Dash started as Singtel’s telco-backed mobile wallet and is now part of the Western Union Group, with services unchanged and MAS regulation continuing.⁷  The app combines payments with remittance, savings and insurance.⁸

• Pay with QR and Pay with Visa options⁸
• Dash Remit transfers to over 35 countries⁸
• Top-ups via PayNow, AXS machines or cash at 7-Eleven and Sheng Siong⁹

DBS PayLah!

DBS PayLah! is DBS Bank’s mobile wallet app for payments, transfers, rewards and savings.¹⁰  For merchants, PayLah! payments are made through NETS (Network for Electronic Transfers) QR, PayNow QR or SGQR codes.¹⁰

• Zero fees on NETS QR payments¹⁰
• Express Checkout at merchants such as Shopee and Lazada¹⁰
• Daily limit of up to S$2,000 with a linked DBS or POSB account¹⁰

Touch ’n Go

TNG eWallet is a Malaysian e-wallet regulated by Bank Negara Malaysia and the Securities Commission Malaysia.¹¹  Visitors from Malaysia, one of Singapore’s top three tourism source markets, can use it to pay in Singapore through Alipay+.^12,13

• “Pay abroad with Alipay+” option in the app¹³
• Scan and Pay functions for overseas QR payments¹³
• Use by Malaysian visitors at Singapore merchants¹²

Alipay

Alipay is an e-wallet from the Chinese mainland. Merchants in Singapore can accept it through Alipay+, a cross-border payment gateway connecting 50 wallets and banking apps through one integration.¹⁴

• QR code, tap-to-pay and payment code options¹⁴
• Connected wallets including AlipayHK, GCash and Kakao Pay¹⁴
• Merchant settlement in the preferred currency¹⁴

The World Account: The multi-currency account for Singapore businesses

E-wallets cover one side of a Singapore business’s payments: domestic customer transactions in SGD. If the business also sells internationally through marketplaces or to overseas customers, the inbound payments arrive in other currencies and route through different payment flows than e-wallet acceptance.

The World Account by WorldFirst is a multi-currency account designed for this side of the business. It lets Singapore businesses receive, hold and send funds in multiple currencies through a single online account, so international revenue from marketplaces or overseas customers can be collected in the original currency instead of being converted to SGD on every payout.

• Local currency accounts in 20+ currencies, including SGD, USD, GBP, EUR, CNH, AUD, NZD, JPY and HKD
• Payments in 100+ currencies to 200+ countries and regions
• Payouts from 130+ marketplaces and payment gateways in Singapore, including Amazon, Shopify, and Stripe. E-commerce marketplaces in Singapore include options like Shopee and Lazada
• The World Card is a Mastercard-powered multi-currency card available in physical and virtual form, with up to 20 virtual cards and support for 150+ currencies. There are no fees when paying in any of the supported currencies (with sufficient balance held in that currency)
• Cashback on eligible World Card spending. Terms and Conditions Apply
• Forward contracts to lock in an exchange rate for up to two years
• Xero integration for reconciliation
• World Pay, the authorised international payment provider for 1688.com, for paying suppliers on the platform

Pricing: No fees for account opening, monthly fees, receiving payments and local SGD transfers are zero, and currency conversion costs up to 0.6% for major currencies.^2,7  Fees for sending payments start from US$5.^2,7

Fees checked in October 2026

FAQs

1. What is the best e-wallet in Singapore?

When comparing an e-wallet, Singapore businesses can look at where customers use it, merchant onboarding, settlement timing, transaction limits and support for SGQR or PayNow. There is no single e-wallet that fits every business. Compare these features against how your customers prefer to pay, whether you sell in-store or online, and the size of your typical transaction.

2. How do e-wallets work?

An e-wallet stores funds in a mobile app, topped up from a bank account, card or PayNow. To pay, the customer scans the merchant’s QR code, selects the e-wallet at online checkout or uses a linked card.

3. Are e-wallets regulated in Singapore?

Yes. E-wallet providers in Singapore are regulated by MAS under the Payment Services Act 2019, and typically hold a Standard Payment Institution or Major Payment Institution licence depending on their services and transaction volumes. You can check a provider’s licence status on the MAS Financial Institutions Directory before signing up as a merchant.

4. Are e-wallets safe to use?

E-wallets licensed in Singapore are supervised by MAS and apply security measures such as PINs, biometric login, two-factor authentication and transaction alerts. However, users still need to protect their login details, as scammers may impersonate providers.

5. How do I apply for an e-wallet in Singapore?

Download the provider’s app and register with your mobile number. Most providers then ask you to verify your identity, often through Singpass MyInfo or by uploading documents. Some e-wallets, such as DBS PayLah!, also let Singapore citizens and PRs (permanent residents) without a DBS account register directly through Singpass.

6. How do I create an e-wallet account?

Once registered, link a funding source such as a bank account, card or PayNow, and set up a PIN or biometric login. Businesses that want to accept e-wallet payments need a separate merchant account. GrabPay, for example, asks for an ACRA business profile, a bank account statement and NRIC or passport details.

Sources

1. https://www.grab.com/sg/pay/
2. https://www.grab.com/sg/merchant/
3. https://www.you.co/sg/
4. https://www.you.co/biz/
5. https://help.shopee.sg/portal/4/article/76523-[ShopeePay]-What-is-ShopeePay
6. https://help.shopee.sg/portal/1/article/173816-[ShopeePay-Merchant-]-How-To-Register-As-A-ShopeePay-/-SPayLater-Merchant
7. https://dash.com.sg/updates
8. https://www.dash.com.sg/
9. https://dash.com.sg/topup
10. https://www.dbs.com.sg/personal/digital-banking/paylah
11. https://www.tngdigital.com.my/
12. https://www.stb.gov.sg/about-stb/media-publications/media-centre/singapore-tourism-board–tng-digital-and-alipay–ink-partnership-to-promote-travel-to-singapore/
13. https://support.tngdigital.com.my/hc/en-my/articles/19918188549529-How-do-I-make-payments-with-the-TNG-eWallet-overseas
14. https://www.alipayplus.com/faq/

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.