In Southeast Asia, Singapore is the leader in embracing online payments. Reports by Statista suggest that in 2021, the cashless payment adoption rate was 97% in Singapore, and maybe it will increase with time. The increase in online payments is a global phenomenon, so there is nothing special in Singapore. But there is something special about Singapore, and that is its online payment landscape, which is totally different from the rest of the world. In Singapore, the majority of online transactions come through a channel named Cards. On the other hand, the rest of the world is relying on e-wallets. Due to its uniqueness, the Singaporean online business arena is a bit different place for usual online payment system providers. This arena requires online payment systems like PayCly that can accommodate it and fulfill all the payment processing requirements. In this article, we will delve into the online payment landscape of Singapore and try to understand the reasons that make PayCly the perfect processor for it.
What Makes PayCly a Perfect Online Payment Processing System for Singapore?
PayCly is counted among the top online payment providers in Southeast Asia, but the things that make it a standout payment service provider among the best in Singapore are mentioned here:
Advantage of Being Local Service Provider
PayCly is a local online payment service provider, and it has a lot of advantages in providing online payment processing services in Singapore because of this. As a result, PayCly has a better understanding of the local market trends, which helps it a lot in providing payment services. Being a local service provider, it has developed a massive banking network across Singapore in partnership with the major banks of the country, which helps it a lot in faster payment settlement and decreasing downtime in payment processing.
Accommodating security requirements
According to news published in ETCIO Southeast Asia, Singapore is 6th in the world for vulnerability to online data theft. In 2021, Singapore lost 501 million US dollars due to online scams. By taking note of this, PayCly tries to cover up both aspects of its security measures. To undermine the potential for data theft, it complies with PCI DSS, the global standard for card data safety, and employs encryption technology with 3D secured transactions ability to safeguard vital financial information of businesses and their customers. And for online scams, it has employed a sophisticated fraud detection system consisting of AI and machine learning-based technology to monitor real-time transactions.
Being a Brilliant Credit Card Processor
It is not an exaggeration or self-obsession to say, that PayCly undeniably has the best credit card processing compared to other online payment systems in Singapore. Because it provides both high-risk and low-risk processing for both domestic and international merchants, and that too with one of the lowest processing fees in the country. And its PCI DSS compliance, along with its self-employed fraud detection measurements, makes it one of the safest in the country. Being a brilliant card processor gives PayCly an advantage over other service providers in Singapore because this nation is a card lover. More than half of the total online payments in this country are card payments.
Pinpointing Payment Preferences of Locals
Another reason why PayCly gels with the online payment landscape of Singapore is that it provides the exact and all payment methods loved by the local consumers, which gives local merchants a chance to garner a customer base. On the other hand, the majority of online payment providers miss this trick, which gave PayCly this advantage.
Conclusion
If this article could be summed up in just one line, then it would have been that PayCly has acclimatized itself so well to the online payment processing service providing requirements of Singapore that now it has become like an integrated part of the online payment landscape of Singapore. Online payment systems like PayCly polished themselves by learning from their numerous years of experience providing services to a specific market. As a result, payment service providers like PayCly get such deep knowledge of a particular market and then utilize it to provide the best services in a particular region, for instance, PayCly in Singapore.
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