Fintech-as-a-Service provider Rapyd brings together Singapore’s key payment methods into the first all-in-one “Singapore Platform”
Rapyd, a global Fintech-as-a-Service company, announced today its partnership with key players of Singapore’s payments ecosystem to provide a single “Singapore Platform” to enable businesses to go “cashless”, in line with the country’s vision of becoming a smart digital nation and a center for Fintech innovation.
Rapyd’s “Singapore Platform” will bring greater convenience to local consumers and businesses, by enabling consumers and businesses to easily make payments electronically, convert cash to electronic payment methods, or receive funds instantly by enabling the following capabilities via a single technical integration:
- Real-time interbank payments via FAST, PayNow, and PayNow QR
- Leading digital wallets GrabPay, DBS PayLah!, and OCBC Pay Anyone
- Accept mobile payment methods powered by FOMO Pay
- Top consumer wallets and ePayments by Razer
- International Credit and Debits cards such as Visa and MasterCard
- Domestic debit payment scheme NETS
- Kiosk payments via AXS and SAM machines
- Conversion of cash to electronic payment in stores via SoCash
The launch of the Singapore Platform leverages Rapyd’s Fintech-as-a-Service infrastructure to facilitate the movement of funds in real-time, including enabling both instant collections and payouts for both consumers and businesses, either domestically or overseas, within Rapyd’s Global Payment Network, a network of over 900 payment types across 100+ countries.
This single platform simplifies the process of offering customers their choice of payment methods and reduces the cost of addressing the current fragmentation in the market, ensuring customers see the payment methods they want, but without burdening merchants and online businesses with integrating multiple times with many providers.
With Rapyd’s Singapore Platform, consumers and businesses will be able to:
- Instantly pay for goods using Singapore’s premier “Real Time” payments platforms – FAST, PayNow, and PayNow QR to easily make payment to an account number, mobile number, NRIC, Unique Entity Number (UEN), or with a QR code
- Unlock wallet payments – benefit from the huge growth of popular e-Wallets to pay with any of the leading wallets in Singapore without additional technical work for merchants
- Make debit card payments anywhere – affordably receive debit card payments online or at kiosk locations across the island
- Build a real time cashless ecosystem for your business – using Singapore’s local payment methods integrated with Rapyd Collect and Rapyd Disburse receive funds and pay partners and suppliers instantly
- Use locally-preferred payments anywhere – pay for goods overseas with Singapore’s preferred methods via Rapyd’s Global Payments Network in more than 100 countries
- Improve operational efficiencies – receive a single financial settlement and benefit from simplified accounting reconciliation regardless of how many payment types the merchant chooses to accept, rather than experiencing high overhead from offering multiple choices.
“I am thrilled to be able to bring the Singapore Platform to life for merchants and consumers. Singapore has been a leading payments innovator for years, but as payment options have increased, it hasn’t gotten easier for merchants to offer the full breadth of options to their customers. 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,” said Joel Yarbrough, Vice President for Rapyd in Asia Pacific.
“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.”
Rapyd has been increasing its focus on the Asia Pacific region. The company announced in October 2019 that the Monetary Authority of Singapore has granted the Fintech-as-a-Service provider its remittance licence in Singapore. Rapyd is also working with Singapore banking partners such as DBS Bank for cashless Cash Management and OCBC Bank for Mobile Payments.
Rapyd reported in October 2019 that the company received US$100 million in Series C funding, led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.