5 FinTechs boosting Embedded Payment experience in Singapore

By Gloria Mathias

Imagine you’re shopping online and finding the perfect item to purchase. Still, you face the inconvenience of setting up net banking, switching between tabs and apps, and navigating a complex transaction process. It sounds like quite a hassle. Not anymore! With embedded payments, all such discrepancies are nullified. FinTech is driving a digital revolution like never before, making transactions seamless and efficient.

Embedded payments refer to a seamless payment process that is integrated directly into a platform, application, or service. Instead of redirecting users to external payment gateways or services to complete transactions, embedded payments allow users to make payments within the context of their current activity, enhancing the user experience and reducing friction.

Embedded payment solutions are rapidly gaining popularity in Singapore due to a blend of technological advancements, consumer demand, and institutional support. The country’s tech-savvy population quickly adopts new technologies that enhance convenience, while government initiatives like the Smart Nation program promote a cashless society with robust digital infrastructure. Consumers prioritize convenience and speed, and embedded payments meet these needs by eliminating the hassle of multiple steps in transactions. The integration of embedded payments into everyday services, such as ride-hailing and food delivery apps, further drives their popularity. These factors combined make embedded payments increasingly prevalent in Singapore, with their adoption expected to continue growing.

Listed below are 5 FinTechs enhancing payment experiences for Singaporeans:

• Acme Technology

Acme Technology is the bank integration provider in Singapore. Its software enables businesses to connect directly with their bank of choice to automate all finance and payment processes. Acme provides streamlined bank APIs to automate money movement and real-time reconciliation. Integrate effortlessly with your bank to enable payment collections (PayNow, eGIRO, FPS, DuitNow), payouts, reconciliation and FX.

• iPiD

International Payments Identity (iPiD) is a Singapore-based FinTech company that aims to make cross-border payments easier, safer, and more efficient. iPiD’s solutions are designed to reduce the risk of fraud and failed payments and to improve the customer experience. As a technology company, it provides clients with the simplicity of a single API solution while ensuring the highest level of compliance with data security and data localization requirements.

• HolyWally

HolyWally is a wallet-as-a-service platform that combines adaptability, rapid scalability, and an optimised user experience. The platform supports multiple FinTech integrations, providing customers with new revenue streams and enhancing their product offerings. With a no-code wallet builder, businesses can customize their wallets to match their brands and stand out in the crowded digital marketplace.

• Payfuture

PayFuture Technologies is a next-gen technology payment gateway connector offering large eCommerce brands the ability to connect to local payment solutions across multiple global emerging market countries. Payfuture enables global online merchants to generate immediate net new revenue streams by accessing these traditionally challenging emerging markets with ease. By giving access to a software API, online businesses are able to access multiple emerging market countries’ local payment options.

• Wallet Engine Labs

Wallet Engine is a venture studio building businesses at the intersection of social media and payments. It helps app developers integrate a wallet into their apps, enabling them to earn money from small-value, cross-border payments between users. Wallet Engine is a regulated financial institution combining bank-grade technology and licensed operations.