Wirecard ceases services in Singapore: Some alternatives for affected merchants

Alternatives to Wirecard's services include instant bank transfers by PayNow Corporate and single QR code payments by SGQR.
Alternatives to Wirecard's services include instant bank transfers by PayNow Corporate and single QR code payments by SGQR.ST PHOTO: JASON QUAH

SINGAPORE - Wirecard, which provides close to 1,900 credit card acceptance merchants here, has been ordered to halt its payment services.

The Monetary Authority of Singapore issued the directive on Sept 30 after Wirecard said it was unable to continue providing payment processing services to a significant number of merchants here.

Here are some alternative options for affected merchants.

1. Instant bank transfers by PayNow Corporate

PayNow Corporate is a quick and convenient way for businesses to pay and receive Singapore dollar funds immediately by linking their unique entity number (UEN) to their Singapore bank account.

The onboarding of businesses onto PayNow Corporate is usually quick. Businesses can look forward to accepting e-payments via a PayNow QR code.

Persons who wish to pay the business can do so without needing to know the businesses' bank and account number. To find out more about PayNow Corporate, click here.

2. Single QR code payments by SGQR

SGQR combines multiple payment QR codes into a single SGQR label that helps businesses accept payments from a wide range of payment service providers, including banks and e-wallet providers.

This means less clutter on the store front and quicker payments processing. More information can be found here.

3. Wide variety of e-wallets and cards

To accept payments via e-wallets or cards, businesses can approach banks and non-bank financial institutions, including NETS, offering merchant acquisition services. More information can be found on ABS and MAS websites.