Introduction Razorpay, a leading fintech innovator, has officially expanded its world-class payment solutions to Singapore. Following its success in India and Malaysia, where its Curlec by Razorpay platform experienced 10X growth, the company aims to revolutionize digital transactions in Singapore’s fast-growing fintech landscape.
With over 200 million customers and millions of businesses already using its services, Razorpay is now focusing on reducing cross-border payment costs by 30-40% and driving higher conversions with AI-powered payment solutions.
Why Singapore? A Booming Digital Payments Hub Singapore is at the forefront of Southeast Asia’s digital transformation, with an impressive 97% digital payment penetration rate. Key statistics highlight the immense potential:
- The digital payments market is projected to double to $180 billion by 2029.
- Singapore’s eCommerce market, currently valued at $20-23 billion, is expected to reach $40 billion by 2028.
- 40% of SEA’s digital transactions in 2024 were real-time payments, with Singapore leading the adoption of instant, cross-border solutions such as PayNow and SGQR.
- Businesses in Singapore currently pay 4-6% per transaction on cross-border payments, significantly impacting their scalability.
Despite Singapore’s rapid digital progress, SMEs struggle with fragmented payment systems and high transaction costs when dealing with international markets. Razorpay aims to solve these challenges with a suite of advanced payment technologies tailored for the region.
Razorpay’s AI-Driven Payment Solutions for Singapore Razorpay Singapore will offer a comprehensive digital payment ecosystem, integrating AI, automation, and real-time payments to streamline financial operations. Key solutions include:
- Real-Time & Cross-Border Transactions
- Faster global payments via PayNow and real-time payment rails (RTP).
- Cost-efficient multi-currency transactions, reducing cross-border fees by 30-40%.
- Agentic AI-Powered Payment Suite
- Agentic AI SDK: A next-gen AI toolkit that enables AI agents to interact with users for financial transactions, improving automation and efficiency.
- RAY – AI Concierge: An AI-powered payment assistant designed to optimize e-commerce transactions, fraud detection, and payroll management.
- Seamless Checkout & Increased Conversions
- Magic Checkout: A one-click payment solution to reduce drop-offs and abandoned carts, leading to a 30% increase in conversions.
- Supports credit & debit cards, digital wallets, and real-time bank transfers.
- Advanced Financial Analytics & Security Features
- Real-Time Analytics: Actionable insights to improve decision-making.
- Automated Reconciliation: Reduces manual errors in financial reporting.
- Fraud Detection: Enhances security and prevents revenue leakage.
Leadership Insights Shashank Kumar, MD & Co-founder of Razorpay, emphasized the company’s commitment to Singapore’s digital-first economy, stating:
“Singapore is the ideal market for our next phase of growth in Southeast Asia. Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy. Our AI-driven payments suite, including Agentic-AI and RAY, will redefine business operations, boosting efficiency and conversion rates while ensuring top-tier security and compliance.”
Angad Dhindsa, Head of Southeast Asia, Razorpay Singapore, added:
“SMEs in Singapore face challenges like high cross-border transaction costs and operational inefficiencies. Our goal is to provide businesses with seamless, cost-effective payment solutions, enabling them to scale globally with ease.”
Shaping the Future of Digital Payments in Singapore With its strategic entry into Singapore, Razorpay aims to:
- Bridge the technology gap between local and international payment gateways.
- Strengthen business ties between India and Singapore.
- Collaborate with banks, financial institutions, and regulators to ensure compliance and seamless fintech integration.
Singapore’s rapidly evolving digital economy presents vast opportunities, and Razorpay is set to play a key role in shaping its future. By delivering AI-powered, seamless, and secure payment solutions, the company is positioned to fuel the country’s fintech innovation and economic growth.
The future of digital payments is here, and Razorpay is leading the charge in making transactions smarter, faster, and frictionless in Singapore and beyond.
