PhotonPay Launches GrabPay Payment Solution for the Singapore Market
Product Update | 2024-05-31 02:05:00
Global payment platform PhotonPay has recently launched an innovative payment solution in Singapore, introducing GrabPay as a new local payment option for merchants. Starting now, PhotonPay's global customers can integrate GrabPay into their payment systems via the merchant portal. This allows businesses to take advantage of GrabPay's popularity to boost conversion rates and seamlessly enter the Singapore e-commerce market.
As the only developed economy in Southeast Asia, Singapore’s e-commerce industry is showing tremendous growth potential. According to recent official data, Singapore’s GDP per capita reached $84,700 in 2023, underscoring its strong consumer purchasing power as a global financial hub. Driven by low unemployment and a booming economy, demand for online shopping in Singapore is surging. A recent HSBC report highlighted that Singapore has around 3.3 million online shoppers, with a total annual spend of $6.16 billion, averaging nearly $1,869 per person. Notably, 63% of consumers prefer to make purchases via mobile devices, indicating a thriving e-commerce environment.
With the deepening of the "Belt and Road Initiative" and the implementation of the "Regional Comprehensive Economic Partnership" (RCEP), Singapore has become the preferred destination for many companies entering the Southeast Asian market, thanks to its excellent global connectivity, advanced urban infrastructure, top-tier talent pool, and business-friendly environment. In this context, PhotonPay has keenly identified market trends and offers GrabPay as a localized payment solution for international merchants, empowering them to navigate and thrive in the Southeast Asian market.
In the digital payment sector, mobile payments and online bank transfers hold a central position. According to Statista, Singapore had over 1.8 million mobile payment users in 2022, and this number is expected to keep growing in the coming years. Additionally, the rise of super apps like Grab has significantly boosted the adoption of digital wallets, enabling customers to enjoy a convenient, one-stop payment experience that easily handles various everyday needs worldwide.
Grab
Grab is one of Southeast Asia's most well-known lifestyle "super apps." According to official reports, its payment product, GrabPay, is available in eight Southeast Asian countries, offering users digital wallet services such as bill payments, online shopping, and in-store payments. With its advanced digital payment platform, GrabPay has achieved over 115 million downloads, showcasing its significant influence and wide recognition in the Southeast Asian market.
PhotonPay — Online Payments
As a leading global payment platform and provider of digital financial infrastructure, we remain at the forefront of the industry. We are committed to offering merchants customized solutions that meet the needs of their target markets, continuously exploring new business value and payment application scenarios to closely connect merchants with consumers through payment services.
By enhancing our localized operations and service capabilities in Singapore, PhotonPay can provide global merchants with one-stop, customized payment solutions, including major credit cards, online bank transfers, and digital wallets. We help international merchants adapt flexibly to changing global consumer demands, creating a superior and more convenient shopping experience together.
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