SINGAPORE: PayPal has launched PayPal Complete Payments for businesses in Singapore, offering a robust, full-stack payments solution designed to cater to small and medium-sized enterprises (SMBs) as well as large corporations. The platform aims to facilitate seamless global transactions, allowing merchants to accept payments from customers in over 200 markets through a single, customisable integration.
Nadia Syed, Senior Vice President of International Cross Border Trade and General Manager Asia Pacific at PayPal, described the solution as a game changer for local businesses. “PayPal Complete Payments will give businesses here access to an extensive suite of new tools which will help them sell more effectively to global customers. It will also help businesses optimise their cash flow by enabling rapid settlement for transactions in minutes instead of days, while allowing them to hold multi-currency balances, reducing foreign exchange exposure,” she said.
As cross-border commerce remains pivotal for Singaporean businesses, particularly amid global trade complexities, the launch of this service underscores PayPal’s commitment to supporting growth through streamlined payments and enhanced fraud protection. The platform not only offers traditional payment methods like Visa, Mastercard, American Express, and PayPal Wallet, but also includes region-specific options such as Alipay, iDEAL, and BLIK. This level of flexibility is crucial given that 70% of consumers consider the availability of their preferred payment method as essential when choosing where to shop.
PayPal Complete Payments is also engineered to boost checkout conversion rates. Data indicates that globally, card processing through PayPal increases authorisation rates by 4.7 percentage points. The inclusion of both PayPal Wallet and Apple Pay can further enhance conversion rates by 17%.
One key feature is the ability to present prices in local currencies, ensuring that customers can view costs in familiar terms regardless of their location. Additionally, businesses can leverage the platform to store payment methods securely within the PayPal vault, enabling repeat transactions while reducing the risk of payment declines. This capability not only fosters customer loyalty but also supports smoother, more efficient operations.
The platform also addresses a critical pain point for businesses in Singapore: fraud. As the region experiences a rise in e-commerce payment fraud, PayPal has built Fraud Protection and Seller Protection into the system for eligible transactions. This feature, combined with integrations with Adobe Commerce, Big Commerce, and WooCommerce, enhances security while minimising disruptions.
A prominent user, G2G (Gamer2Gamer), a global digital goods and services provider, has already benefited from the platform. Ken Chee, G2G’s Group CEO and Co-Founder, noted that the transparent fees, instant settlements, and multi-currency support offered by PayPal Complete Payments have strengthened the company’s ability to serve the US$250 billion global gaming market. Chee added, “This integration fuels G2G’s expansion, fostering trust and stronger connections with our global gaming community.”
With PayPal Complete Payments now live, Singaporean businesses can expect greater flexibility, faster settlements, and enhanced fraud protection, helping them navigate the increasingly complex global trading environment.
-PR Newswire
