RTPs gain traction in Singapore as merchants refine payment strategies

This payment method offers lower transaction costs.

In Singapore, merchants show the greatest interest in real-time payments (RTPs) as a key driver of their future strategy, IDC reported.

According to IDC, this is because RTPs offer lower transaction costs which merchants can consider leveraging to boost revenue.

“Bilateral linkages with countries such as Thailand, Malaysia, and Indonesia, as well as the broader Project Nexus initiative—which aims to establish a unified real-time payments network across the region—also bring value to supporting RTPs,” IDC said.

In addition, mobile wallet integration is also a preference amongst merchants as it can help streamline cross-border payments by leveraging international networks.

“Merchants dealing with SEA international customers should be exploring this as part of their payment strategy” IDC added.

Meanwhile, contactless payment is the least preferred method of merchants.