5 reasons why businesses should open an international e-wallet in Singapore (2025)

According to the latest information updated on the international electronic payment situation, in 2019, the value of electronic payments in the world reached 4.100 billion USD and is estimated to reach 6.700 billion USD by 2023.

The question is: What has driven the strong growth of international electronic payments? And what can businesses do to catch up with the growing trend of electronic payments worldwide?

Through this article, GLA will explain why the electronic payment sector can develop so strongly. In addition, GLA will present 5 reasons why businesses should open international e-wallets in Singapore.

1. Frequently asked questions about electronic payments, international online payments

Question 1: How are online payments and electronic payments (payments via e-wallets) different?

Online payment is built on the basis of allowing customers to perform most of their banking transactions online via the internet. Instead of having to go to a bank branch to make a transaction, online payment transactions can be done very simply and quickly through online payment websites or the bank's phone application.

Meanwhile, an e-wallet is a third-party intermediary that links the payment location and the customer's bank account. Currently, electronic payment and e-wallets are a popular payment trend because of their convenience, security and safety (especially when paying with international suppliers), avoiding the risk of credit card information being leaked online.

Question 2: Can I make international online payments via e-wallets?

Absolutely. International online payment gateways are widely used in the world such as PayPal, Stripe, allowing account owners (called Merchants) to make international online payments. In addition to convenience, these international e-wallets are also preferred over payment methods such as debit cards, credit cards, and online payments via bank accounts thanks to their absolute security. 

Specifically, payment will be made through an intermediary wallet, completely separate and with multiple layers of security from bank account information and card accounts, to avoid thieves stealing card account information.

Question 3: Can my business receive online payments via international e-wallets?

Entirely possible. 

For example: For the international online payment gateway PayPal, Merchant can register to open a PayPal Business account for the business to use for international business, payments with customers, suppliers, etc. outside the home country.

Question 4: Which e-wallets allow international payments today?

To meet the increasing demand for international electronic payments, international online payments are now being made, and many companies specializing in providing online payment services have emerged. Among them, PayPal stands out with a total market share of 45.47%, followed by Stripe with a market share of 1.18%. In addition to Paypal and Stripe, the electronic payment market also includes Amazon Pay and Brainstree, however, their popularity and application are still quite modest.

Question 5: Why should companies open corporate e-wallets?

The widespread development of smart electronic devices has made online shopping and transactions, electronic payments more popular and easier than ever. The current trend of users is electronic payments because of the simplicity, ease of use and extremely safe nature of e-wallets (because the payment money is in an intermediary wallet, which is more secure than direct payment from a bank account). Therefore, businesses should open corporate e-wallets (such as PayPal, Stripe) to support their customers in making payments, thereby gaining more customers and developing their business.

Question 6: Is the process of opening a corporate e-wallet for international payments simple?

Currently, the process of opening a corporate e-wallet to support international receiving and payment activities is quite simple. However, during the operation, businesses may encounter many difficulties such as limits, account verification requirements, high discount rates despite large transaction volumes, etc. Understanding these difficulties, GLA provides a service package to open a PayPal Business and PayPal Pro account in Singapore, supporting businesses in managing e-wallets, working directly with PayPal Singapore to simplify the process of opening an e-wallet, supporting businesses in conveniently receiving money and making international payments.

2. 5 reasons why you should open a corporate e-wallet in Singapore for international payments

• Singapore is one of the fastest growing countries in the world in terms of electronic payment. Specifically, in 2019, the total value of cashless payments by Singaporeans reached 831 trillion USD.
• The impressive results mentioned above are thanks to Singapore’s high level of education and deep understanding of the field of technology application. This supports the growing development of international electronic payment activities in Singapore.
• The Singapore government actively encourages the development of technology through plans to make its e-payment laws and regulations as up-to-date and globally competitive as possible.
• Singapore is a country that concentrates many regional headquarters of international online payment gateways, the world's largest international e-wallets such as PayPal, Payoneer, etc. Therefore, businesses can easily receive support from experts from the region extremely easily and conveniently.
• With a strong financial system and a large and reputable banking system, businesses can open additional personal/corporate bank accounts in Singapore to facilitate business, manage cash flow risks and easily receive/pay money to international partners and customers.

3. How will GLA support you to open an e-wallet in Singapore?

Nowadays, keeping up with the development trend of international electronic payments, international online payments are extremely easy when business owners can open international e-wallets or open international online payment accounts in Singapore. However, maintaining an account will not be easy when encountering difficulties while making online transactions, specifically:

1. Want to open an international e-wallet, open an international online payment account in Singapore but do not have a legal entity in Singapore.
2. Haven't chosen the right online payment solution; wondering whether to choose Stripe or PayPal; how much the service fee is; etc.
3. Having problems making online transactions (limits, account verification required, account verification required, etc.)

Understanding these issues, GLA - with comprehensive knowledge and always updated with changes in electronic payments - is ready to support businesses with the following services:

• Consulting on choosing the right online payment solution for your business model
• Support in managing and maintaining electronic payment accounts, guidance on how to optimize international money transfers, etc.
• Services to support businesses to successfully open an electronic payment account in Singapore: PayPal, Stripe
• Consulting on company establishment in Singapore to become a Singapore legal entity.
• Consulting on opening a corporate bank account in Singapore.
• Year-end financial reporting services for Singapore companies.
• Support opening international payment gateways PayPal.  

In addition, during the information exchange process, GLA will propose specific solutions suitable for the business model to support Enterprises in outlining the most optimal operating strategy when expanding their business globally.

4. Frequently asked questions about e-wallets

Highlights

• Businesses can easily pay in multiple currencies, pay online, and receive money quickly through payment gateways and advanced global e-wallets.
• In addition to payment gateways and e-wallets, eligible businesses can consider opening corporate bank accounts in international financial centers such as Singapore, the US, and Hong Kong.
• GLA will support businesses to open payment gateways and e-wallets for global businesses to do business easily and conveniently.