PayNow vs Stripe for Singapore businesses: which do you actually need?
Stripe charges 1.3% on every PayNow transfer processed through its gateway. If your business mainly collects PayNow and doesn't need Stripe's global card processing, you're paying a percentage for infrastructure you're not using. A flat-fee PayNow tool like DoubleAM sends money straight into your own bank account with no percentage taken.
What Stripe gives you (and what it costs)
Stripe is a global payment platform. It handles cards, wallets, subscriptions, recurring billing, multi-currency payouts, and a full developer toolkit. PayNow is one of many local payment methods it supports in Singapore.
For that, Stripe charges 1.3% per PayNow transfer. On a S$500 payment, that's S$6.50. On S$10,000 in monthly PayNow collections, you're giving up S$130 a month.
Stripe also holds and settles your money. Payments don't go straight to your bank. They land in Stripe's settlement account, get batched, and arrive in yours on Stripe's schedule. You're dealing with a processor sitting between you and your customer's payment.
That makes sense if you need what Stripe does well: cards from international customers, subscription logic, a developer-grade API across multiple payment methods. If you're running an e-commerce platform or a SaaS product with customers worldwide, Stripe earns that 1.3%.
When Stripe is more than the job needs
Many Singapore businesses signed up for Stripe for one reason: to accept PayNow digitally. They wanted a QR code they could send to customers, and Stripe was the obvious name.
But if your actual need is "receive PayNow and send QR codes," that's a small job. And Stripe is a large tool for it. You're maintaining a merchant account, working around settlement schedules, and paying a percentage on every payment, all for something your own bank already supports for free at the transfer level.
The cost adds up quietly. A service business collecting S$20,000 a month through PayNow via Stripe pays S$260 in fees. Over a year, that's S$3,120 gone to a gateway you're barely using beyond one feature.
How a flat-fee PayNow tool works differently
DoubleAM PayNow is software, not a payment processor. It doesn't hold, move, or touch your money at any point.
Here's what happens: you create a PayNow QR code with the amount and your reference (invoice number, customer name, whatever you use) already built in. You send it to your customer on WhatsApp or wherever you communicate. They scan it with their banking app, and the money goes straight from their bank to yours. Your reference comes back with the payment, so you know who paid and for what.
The fee is flat. No percentage, ever. It doesn't matter whether the payment is S$50 or S$5,000.
Side-by-side comparison
| | Stripe (PayNow) | DoubleAM PayNow | |---|---|---| | What it is | Global payment gateway | PayNow QR software | | PayNow fee | 1.3% per transfer | Flat fee, no percentage | | Where money goes | Stripe's settlement account, then to you | Straight to your own bank | | Settlement timing | Stripe's schedule | Instant (standard PayNow) | | Cards and wallets | Yes (that's the core product) | No | | QR with amount and reference | Via Stripe Checkout | Yes, built in | | Send on WhatsApp | Not built in | Yes | | API access | Yes (full platform) | Yes (PayNow QR generation) | | Merchant account needed | Yes | No |
The honest take
A payment processor is the right tool if you need cards, several wallets, and full settlement in one place. Stripe does that well, and the 1.3% buys you a lot of infrastructure.
If PayNow is the job, you're overpaying for the rest. You don't need settlement (the money already arrives in your bank), you don't need card processing (your customers pay by PayNow), and you don't need a global gateway for a domestic transfer.
Who should stay with Stripe
Keep Stripe if you accept credit cards from international customers, run subscription billing, need Stripe's developer ecosystem for your product, or process payments across multiple countries. Stripe is built for that, and no PayNow tool replaces it.
Who should consider switching
Consider a flat-fee tool if you mostly collect PayNow from Singapore customers, you send QR codes on WhatsApp or by message, you don't use Stripe's card or subscription features, and the percentage is eating into margins on a service that should cost less.
You can try it without any commitment. The free PayNow QR generator lets you create and send a payment request in seconds, with no signup required.
For a deeper look at how DoubleAM compares with Stripe for PayNow, see our full DoubleAM vs Stripe comparison. And if you're weighing other processors too, our guide to accepting PayNow without transaction fees covers all of them.
Last updated: June 2026. Stripe's PayNow fee of 1.3% is based on Stripe's published Singapore pricing as of this date.
Frequently asked questions
Stripe charges 1.3% per PayNow transfer processed through its gateway. On a S$500 payment, that's S$6.50. The fee applies on top of any other Stripe charges for your account.
Yes. PayNow is a bank-to-bank transfer system and works without any gateway. You can use software like DoubleAM PayNow to generate QR codes with the amount and reference built in, and the money goes straight to your own bank account.
Yes. PayNow payments through Stripe land in Stripe's settlement account first. Stripe batches and pays out to your bank on its own schedule. With a direct PayNow tool, the money goes straight to your bank instantly.
It depends on what you need. Stripe is better if you accept cards, wallets, and subscriptions from international customers. If you mainly collect PayNow from Singapore customers, a flat-fee PayNow tool is simpler and cheaper.