Razorpay Expands into Singapore to Revolutionize Digital Payments

Razorpay, a leading fintech company, has officially launched its payment solutions in Singapore, marking its next major expansion after its success in India and Malaysia. The move aligns with Singapore’s digital-first economy and growing real-time payments ecosystem. Razorpay aims to simplify cross-border transactions, reduce payment costs, and introduce AI-driven financial tools to empower businesses in Singapore.

Key Highlights of Razorpay’s Expansion in Singapore

Expansion Strategy

• Razorpay is entering Singapore’s thriving digital payments market after experiencing 10X growth in Malaysia through Curlec by Razorpay.
• Singapore’s digital payments are projected to double to $180 billion by 2029, making it a key market.
• 40% of Southeast Asia’s digital transactions in 2024 were real-time payments from Singapore.

Challenges in Singapore’s Payment Landscape

• High Cross-Border Transaction Fees: Businesses pay 4-6% per transaction, affecting scalability.
• Fragmented Payment Systems: SMEs struggle with limited real-time payment options across Asia.
• Need for Innovation: Digital commerce in Singapore is projected to reach $40 billion by 2028, demanding seamless financial connectivity.

Razorpay’s Key Offerings in Singapore

• Seamless Multi-Currency Transactions: Enables businesses to operate globally at lower costs.
• Real-Time Payment Solutions: Supports Singapore’s PayNow, SGQR, and cross-border payment rails.
• Agentic-AI Toolkit: AI-powered SDK enabling automated transactions and real-time financial intelligence.
• RAY AI Concierge: AI-driven automation for payments, payroll, and vendor transactions.
• Magic Checkout: One-click checkout to reduce cart abandonment and improve conversion rates.
• Fraud Detection & Automated Reconciliation: Advanced security and operational efficiency tools.

Leadership Statements

Shashank Kumar (MD & Co-founder, Razorpay)

• Singapore is a prime market for Razorpay’s next growth phase.
• AI-driven solutions will drive 30% higher conversions, boosting revenues for businesses.

Angad Dhindsa (SEA Head, Razorpay Singapore)

• Focus on solving SME challenges, reducing cross-border costs by 30-40%.
• Enabling businesses to scale with faster settlements and seamless financial operations.

Strategic Vision

• Strengthen India-Singapore business ties through seamless fintech solutions.
• Work closely with banks, financial institutions, and regulators for compliance and security.
• Ensure digital payments become invisible, seamless, and innovation-driven.