Fintech

Rapyd's New S'pore Platform To Let Businesses Integrate Payment Methods Like PayNow, GrabPay

Fintech-as-a-Service firm Rapyd announced today that it has partnered key players in the Singapore payments ecosystem to provide a single ‘Singapore Platform’ to enable businesses to go “cashless”.

Rapyd’s ‘Singapore Platform’ will enable consumers and businesses to make payments electronically, convert cash to electronic payment methods, or receive funds instantly.

This can be done either domestically or overseas, within Rapyd’s Global Payment Network, with over 900 payment types across over 100 countries.

Via a “single technical integration”, businesses will be able to enable these functions:

  • Real-time interbank payments via FAST, PayNow, and PayNow QR
  • Leading digital wallets and apps GrabPay, DBS PayLah!, and OCBC Pay Anyone
  • International Credit and Debits cards such as Visa and Mastercard
  • Domestic debit payment scheme NETS Kiosk payments via AXS and SAM machines
  • Accept mobile and ePayments methods powered by FOMO Pay and Razer
  • Conversion of cash to electronic payment in stores via SoCash

Said Joel Yarbrough, Vice President for Rapyd in Asia Pacific: “With the Singapore Platform, we are enabling the most important local payment options in a single package that makes it easy for merchants to offer.”

“Singapore is a great market for us because of the progressive regulation by MAS to enable and foster innovation within the digital payments space, and the great network of local partners we have been able to integrate into Rapyd’s Global Payments Network and unlock the benefits of a cashless Singapore for consumers and merchants around the world.”

Just last month, Raypd was granted a remittance license in Singapore by the Monetary Authority of Singapore (MAS).

It is also working with Singapore banking partners like DBS Bank for cashless Cash Management and OCBC Bank for Mobile Payments.

Rapyd received US$100 million in Series C funding in October 2019.

 

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