Local Payment Methods: Top Banks in Singapore You Should Know for Your Online Payment Gateway

In the rapidly evolving world of eCommerce, understanding the intricacies of eCommerce payment gateways is crucial for merchants aiming to excel. With a plethora of options available, distinguishing between hosted payment gateways and native payment gateways becomes essential for informed decision-making. This blog delves into the key differences between hosted and native gateways and their unique impacts and benefits.

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All About Hosted Payment Gateways

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Hosted payment gateways usher customers to the payment service provider's (PSP) platform to finalize their online payment methods. This off-site processing model ensures robust transaction security and compliance, relieving merchants from the complexities of handling sensitive financial information. The true appeal of hosted gateways lies in their ease of integration and user-friendly payment solutions, making them an ideal choice for businesses seeking a hassle-free setup.

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Pros:

• Simplified Transactions: The PSP assumes responsibility for the transaction, minimizing the merchant's involvement.
• Ease of Setup: With the PSP managing maintenance, technical expertise is not a prerequisite for merchants, promoting ease of payment gateway integration.

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Cons:

• Customization Limits: Merchants face restrictions in tailoring the user experience (UX), which may affect the customer’s experience with payment gateways
• Potential for Cart Abandonment: Redirecting customers to another site for payment can deter completion of purchases.

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Exploring Native Payment Gateways

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Native payment gateways keep the entire checkout process on the merchant's domain, affording unparalleled control over the transaction journey. This model favors merchants eager to craft a bespoke customer experience, offering detailed insights into buyer behavior that can refine future marketing strategies.

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Pros:

• Complete Checkout Control: Merchants dictate the transaction flow, enabling a personalized UX.
• Direct Customer Data Access: This gateway type provides valuable insights for tailoring marketing efforts.

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Cons:

• Increased Responsibility: Managing the payment process requires a hands-on approach, including gateway maintenance.
• Technical Expertise Needed: Leveraging the full potential of native gateways may necessitate professional assistance. 

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Why Consider Tazapay for Your Cross-border eCommerce Strategy?

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The decision between hosted and native payment solutions ultimately depends on your business's unique needs and capabilities. Both gateway types offer distinct advantages and challenges, making it crucial to weigh them in the context of your operational priorities and customer experience with payment gateways. Understanding these differences is key to choosing the right payment gateway for your business, ensuring you select the solution that best fits your transaction security, user experience, and eCommerce success goals.

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Tazapay sets itself apart by offering both hosted and native payment gateways, providing unmatched flexibility across 173 markets and enabling 80+ local payment options. This extensive reach, coupled with a seamless onboarding process that eliminates the need for local entities, ensures merchants can easily expand globally without the usual complexities. With Tazapay, integration is just the beginning of a streamlined journey towards international eCommerce success.

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Tazapay empowers merchants to exceed the evolving expectations of a diverse customer base. Whether you’re looking to optimize the checkout experience or expand your market reach, we offer the tools and support to achieve your business objectives with efficiency and ease, reinforcing the benefits of user-friendly payment solutions.

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Contact us to learn more about our solutions and how you can onboard with us today.

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London, 28th February 2023: Tazapay, a Singapore-based cross-border payments provider, has partnered with leading global real-time payments gateway Volt to add open banking to its growing stack of payment offerings, as it accelerates its international growth plans across the UK and Europe.

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The partnership will enable Tazapay’s customers to roll out and increase their cross-border sales, especially for APAC and MENA-based merchants looking to expand and increase sales in the UK and Europe.

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Volt’s real-time reconciliation capabilities enable businesses to track payments from initiation to receipt, unlocking full visibility of the payment value chain via its data-driven insights and analytics. Over 70% of all payments processed via Volt’s gateway receive instant confirmation of settlement, a significant feature for cross-border merchants and businesses. Tazapay will also leverage Volt’s fraud prevention solution to identify and block any suspicious payments by monitoring transactions via a flexible scoring system.

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Tazapay currently supports over 2,000 merchants across 30+ markets. It provides a full-stack payment solution that includes local payment methods as well as cards globally, with buyer and seller protection. The company has a global network of more than 170 markets for its card coverage, and 85 markets for its local payments collection coverage.

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This strategic partnership with Volt, a leading player in open banking and real-time payments, unlocks growth for Tazapay in the UK and Europe and will be further continued by enabling open banking payments in Brazil later this year. Volt processes transactions securely between accounts held at over 5,000 banks in the UK, Europe and Brazil, covering over 680 million accounts.

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The partnership marks another significant milestone for Tazapay, which has recently completed a $16.9m Series A fundraising round led by Sequoia Capital Southeast Asia, and has received in-principle approval for a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).

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Open banking continues to gain tremendous momentum in payments worldwide. The value of open banking-powered payments reached almost $4bn in 2021 and, by 2027, is expected to exceed $330bn. Over 60 countries currently have or are considering launching open banking frameworks, and Volt is building the global infrastructure to connect all the domestic systems worldwide via one single point of integration (API).

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“With the advent of open banking and maturing of real-time payment networks like the PayNow service in Singapore and UPI in India, there is an increase in expectations from businesses and end consumers for payments to be done in real time. Tazapay is building the payments and compliance infrastructure for cross-border commerce and services, and we continue to focus our attention on growth plans. We are thrilled to be partnering with a like-minded company like Volt, who will support us in enabling seamless, real-time cross-border payments for our customers,” says Rahul Shinghal, CEO and Co-founder at Tazapay.

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“This partnership demonstrates the global acceleration of real-time payments across many sectors – a complement to the acceleration of online business processes and an obvious fit for businesses now operating in a digital-first economy. We are excited to join forces with Tazapay and support them in their ambitions to offer cross-border instant payments, as well as data-driven analytics for better decision-making, supported by our proprietary solution Connect,” says Matt Komorowski, Chief Revenue Officer at Volt.

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SINGAPORE, August 2, 2023 /PRNewswire/ - Following the in-principle approval earlier this year, Tazapay Pte. Ltd. (“Tazapay”) a leading fintech company specialising in cross-border payments, is delighted to announce the attainment of a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). The approval from MAS further underpins Tazapay's commitment to robust regulatory compliance and operational excellence.

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Singapore, known as a hub for international trade and commerce, offers the perfect vantage point for Tazapay to expand its reach and impact across Asia and beyond. The MPI licence allows Tazapay to extend its full suite of services, spanning account issuance, merchant acquisition, cross-border and domestic money transfers, and e-money issuance, to its growing client base.

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Rahul Shinghal, CEO of Tazapay, shares his excitement, "Receiving this licence from MAS is a remarkable milestone in our journey. It not only signifies our commitment to delivering the highest standards of regulatory compliance but also paves the way for us to provide even more innovative and mission-critical cross-border payment solutions. As a Singapore-born and headquartered company, we view this achievement with immense pride and gratitude."

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Even amidst a challenging tech winter, Tazapay continues to demonstrate resilience and an unwavering commitment to growth. The MPI licence acts as a catalyst for a host of forthcoming initiatives dedicated to augmenting the quality, security and user-friendliness of Tazapay's services. Coupled with the successful closing of our series A funding of USD 16.9 Million, Tazapay is better positioned than ever to transform the way cross-border e-commerce merchants operate especially in sectors such as travel, education technology, fashion & apparel, gifting and gaming.

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With this milestone, Tazapay is ready to redefine cross-border transactions, offering a seamless and secure payment experience to businesses in the vibrant e-commerce space. The journey continues, and Tazapay remains dedicated to its mission of making global payments as smooth and frictionless as possible.
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About Tazapay

Tazapay is a Singapore-based fintech company, designed to redefine the cross-border payment experience. Since its inception in 2021 by industry veterans, Tazapay has raised a successful $16.9 million Series A funding round, with significant investment from prestigious institutions such as Sequoia and the PayPal Alumni Fund. The platform allows businesses to transact with ease in 173+ countries, offering an array of card and local payment options. Its unified interface simplifies the onboarding process, allowing businesses to partner with just one entity, thereby streamlining their payment process. Tazapay continues to drive global business growth by offering a trusted and accessible platform for cross-border e-commerce transactions.

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