HitPay Review

HitPay is a Singapore payment platform for small and mid-size businesses, founded in 2016 and licensed by the Monetary Authority of Singapore as a Major Payment Institution. It bundles online checkout, payment links, invoicing, an online store, a point-of-sale app, card terminals and Tap to Pay, and it accepts cards, PayNow, GrabPay, ShopeePay, Atome and other Southeast Asian methods. There is no setup or monthly fee. As of October 2026 its Singapore pricing page lists domestic cards at 2.8% + S$0.50 online and 2.5% + S$0.50 in person, international cards at 3.65% + S$0.50 online and 3.2% + S$0.50 in person, and PayNow at 0.65% + S$0.30 online for payments of S$100 or more (0.9% below that) and 0.4% in person. Using HitPay's own tools, such as payment links, invoices, the online store, POS or recurring billing, adds 0.2% per transaction, and the Shopify app adds 0.5%. The terms say fees are exclusive of GST. Non-card money pays out the next calendar day and card money from the next business day. The December 2025 merchant agreement runs for a year and renews automatically, and HitPay's terms allow reserves, payout holds of up to 120 days when disputes run high, and withholding without a time limit if it believes you are in breach. Trustpilot reviewers rate it 4.4 out of 5, with complaints centred on slow support and unexplained account rejections.

Estimated annual cost at three realistic processing volumes, using HitPay’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.

What HitPay is

HitPay is a payment platform for small and growing businesses, run from Singapore by HitPay Payment Solutions Pte. Ltd. The company says it was founded in 2016, and Y Combinator lists Aditya Haripurkar (co-founder and CEO) and Nitin Muthyala as its founders. It joined Y Combinator's Summer 2021 batch and in May 2022 raised a US$15.75 million Series A led by Tiger Global, with Global Founders Capital and HOF Capital returning. These firms are investors; HitPay has not published its shareholdings. At the Series A HitPay said more than 10,000 merchants used it. Its website now says more than 20,000 businesses, and its documentation says more than 20,000 partners have collected over US$1.5 billion through it. We have not seen independent figures.

Singapore is HitPay's home market and the one this review is written for. The company also has its own operations in Malaysia and the Philippines, publishes separate pricing for those countries, and serves Australia and New Zealand through Stripe. Its documentation says it supports 45 markets in all. Prices and payout times differ by country, so a merchant outside Singapore should read their own country's page rather than the figures here.

Why we list HitPay as a payment facilitator

In Singapore the merchant signs HitPay's own Merchant Services Agreement, under which HitPay collects payments on the merchant's behalf and pays them out. HitPay is licensed by MAS for merchant acquisition, onboards businesses itself in minutes, sets the prices and controls payouts. Behind it, card payments are settled through partners. Its pricing page names Stripe and Adyen as handling card payouts, and its July 2024 Terms of Service list Stripe Payments Singapore, Grab, ShopBack, ShopeePay, Fave and Atome as partners whose terms a merchant may also have to accept. That is the facilitator model: HitPay sits between many small merchants and the acquiring banks, and holds the contract with the merchant. In Australia, New Zealand and the UK, by contrast, the terms say HitPay is only a gateway and Stripe does all the processing.

What it costs in Singapore

All figures are from HitPay's Singapore pricing page as of October 2026. There is no setup fee and no monthly fee. HitPay's merchant agreement (clause 3.3) and Terms of Service (section 14) say fees are exclusive of GST and other taxes; the pricing page does not mention tax.

• Online domestic cards: 2.8% + S$0.50. Online international cards: 3.65% + S$0.50. A further 2% applies to foreign-currency transactions.
• In person (HitPay terminals and Tap to Pay): domestic cards 2.5% + S$0.50, international cards 3.2% + S$0.50.
• PayNow online: 0.65% + S$0.30 on payments of S$100 or more; 0.9% (minimum S$0.20) below S$100. PayNow in person: 0.4% (minimum S$0.10).
• Wallets and buy now, pay later online: GrabPay 3%, ShopeePay 3%, PayLater by Grab 5.5%, ShopeePay Later 5%, Atome 5.5%, ShopBack 3.9% + S$0.20, WeChat Pay 1.5%, UPI 2%. In person, GrabPay drops to 2.2% and ShopeePay to 1.8%.
• Recurring payments: cards at the online rates; GIRO direct debit $2.25 + 0.65%.
• Software fee: 0.2% per transaction on payment links, invoicing, the online store, POS and recurring billing, and on most plugins. The Shopify Payments app costs 0.5%.
• Refunds carry no extra fee, but the original transaction fee is not returned. Chargebacks cost S$20 in Singapore.

The fixed S$0.50 on card payments matters most for small tickets. A S$10 domestic card sale in store costs S$0.75, or 7.5%, before the POS software fee. A S$10 PayNow sale at the counter costs S$0.10, the minimum fee. For a cafe or shop whose customers will scan PayNow, that gap is the main reason to use HitPay. Note that the worked examples on the pricing page use the in-person card rate (2.5% + S$0.50) while the headline online card rate is 2.8% + S$0.50, so check which channel a quoted example applies to.

HitPay offers custom pricing to Singapore merchants averaging more than S$50,000 a month over six months. The merchant agreement says a custom rate can be withdrawn if volume falls below that level for three months in a row, and that HitPay may change fees, settlement cycles and payout frequency by publishing them or giving notice. Hardware is bought outright from HitPay's shop: a WisePad 3 card reader costs S$85, the All in One terminal S$350 (tap only) or S$500 (tap and insert), the FlexiPOS S$500 and a PayNow soundbox S$30, as listed on HitPay's online shop in October 2026. The FAQ on the pricing page lists a different line-up, including an All-in-One (Global) at S$680 and a POS MAX at S$700, so check current models before ordering.

Payouts

A Singapore merchant has two balances. PayNow, GrabPay, ShopeePay, Atome, ShopBack and WeChat Pay money goes into the HitPay Balance and is paid out by HitPay the next calendar day, or weekly, monthly or manually if you prefer. Card money goes into a separate card balance and is paid out from the next business day, which HitPay says is 'determined by Compliance on a case-by-case basis'. The minimum payout is S$1 after fees. HitPay's help centre says that where Stripe settles the cards, the first card payout is delayed by about 7 to 14 days. You can move money into a reserve sub-balance yourself to cover refunds, and refunds of non-card payments come out of the HitPay Balance, so it needs enough money in it. We found no payout fee on the Singapore pricing page.

Contract, reserves and holds

HitPay advertises no monthly fees, but there is a contract. The Merchant Services Agreement (version December 2025) runs for one year from the day you start and renews automatically each year (clause 9.1). Either side can end it with a month's written notice before the term expires (clause 9.2). The older Terms of Service, which the agreement says it is read together with, say you may delete your account at any time once your obligations are met (section 4.5); the documents do not reconcile the two. We found no early termination fee. HitPay can suspend or end the service immediately for a long list of reasons, including a year of inactivity, a breach, reputational concerns, or simply if it 'feels that it is unable to continue this Agreement for whatever reason' (clause 9.3). After termination it promises to pay out the remaining balance within one month, subject to set-off and withholding (clause 9.5).

The documents give HitPay several ways to hold money. The December 2025 agreement says it supersedes earlier terms but also that it is read together with the Terms of Service, so both apply. The Terms of Service (July 2024) let it set up and withhold reserves to cover fees, refunds or chargebacks and vary them, telling you when it does (section 15), where permitted by law, hold payouts for up to 120 days to cover future disputes if your chargeback rate is high or a partner flags you as high-risk (section 9.4), and deduct fees before paying out (section 14). The Merchant Services Agreement lets it defer payments below a minimum threshold, while it investigates suspected fraud or carries out extra due diligence, and 'without limit in amount or time' if it believes you are in breach (clause 3.1(e)). It can also suspend all processing while it investigates (clause 3.8) and withhold money after termination if it suspects a breach (clause 9.5). The help centre says HitPay takes a deposit from accounts in high-risk categories. Chargebacks are the merchant's liability: the disputed amount and the S$20 fee are taken from your balance and returned only if you win. The pricing page says HitPay absorbs the cost of fraud monitoring and dispute handling, but that does not cover the chargeback fee itself.

In Singapore, money HitPay holds for merchants is kept in a trust account with a safeguarding institution, as the Payment Services Act requires. The terms warn that the account is shared with other customers' money and that recovery could fall short if the safeguarding bank failed. The agreement says HitPay does not safeguard funds for merchants that count as foreign entities under the Act.

Regulation

The MAS Financial Institutions Directory lists HitPay Payment Solutions Pte. Ltd., at 88 Market Street in Singapore, as a Major Payment Institution licensed for domestic money transfer, cross-border money transfer and merchant acquisition services. HitPay gives the licence number as PS20200643. Elsewhere, HitPay says HitPay Payment Solutions Inc. is registered with the Bangko Sentral ng Pilipinas as an operator of a payment system; that its Malaysian subsidiary Mobiedge E-commerce Sdn Bhd is a merchant acquirer registered with Bank Negara Malaysia, while HitPay Payment Solutions Sdn Bhd works with Stripe; and that it holds an AUSTRAC remittance registration in Australia and a New Zealand financial service provider registration. We confirmed the Singapore licence directly and took the other registrations from HitPay's own licence page.

Reputation and complaints

As of 8 October 2026 HitPay has a TrustScore of 4.4 out of 5 from 485 reviews on Trustpilot, with 78% five-star and 6% one-star reviews. HitPay has claimed the profile and replies to about 90% of negative reviews. The HitPay app on the Singapore App Store has 4.6 stars from 255 ratings. Positive reviews praise easy setup, low PayNow fees and helpful staff. Negative reviews describe slow or unanswered support requests and business verification refusals without a clear reason; one reviewer's problem was resolved only after the CEO stepped in. Our searches found no lawsuit or regulatory enforcement action naming HitPay.

Who should use HitPay

HitPay fits a Singapore small business that takes a good share of its payments by PayNow or local wallets, wants online and counter payments in one place, and would use the bundled links, invoices or store instead of paying for separate software. Merchants with mainly small card payments should work out what the S$0.50 fixed fee and the 0.2% software fee add up to. Businesses in prohibited categories, including gambling, crypto, CBD, e-cigarettes and adult content, will not be accepted. Before signing, note that the agreement renews yearly and needs a month's notice, and that HitPay can hold funds for up to 120 days if disputes rise, or without a time limit if it believes you are in breach.