Payment failures cost Singapore merchants $12b annually

Payment inefficiencies are costing Singapore merchants an estimated US$12 billion annually, impacting their competitiveness, according to Payoneer. Across the Asia Pacific, merchants lose about US$75 billion in transaction value each year due to payment failures and delays. The report highlights that improving checkout processes and cost transparency could enhance conversion rates and business resilience, especially for Singapore-based companies engaged in cross-border trade. 57% of Southeast Asian consumers would increase cross-border purchases if fees were clearer.