Just a little over a month after securing $40 million through its Series B funding round, which was led by General Catalyst and Stripe, UK-based fintech Rapyd announced on Tuesday the launch of its hyper-local payments solution that allows merchants to accept local payment types in over 100 countries, including cash, bank transfers, local cards, and e-wallets. Rapyd revealed that more than 500 locally preferred payment types are supported.
According to Rapyd, the solution allows merchants around the world to accept local payment methods consumers use every day through a single integration. Rapyd Checkout offers global businesses a clear path to quickly and easily reach new customers that buy cross border or are looking to expand the number of available payment methods offered in local markets they currently serve.
“The solution offers a fully merchant-branded user experience, featuring rapid deployment and fast, lightweight implementation. Rapyd Checkout manages local regulatory and compliance issues and utilizes a single settlement and reconciliation process across multiple countries to one file with local payment methods supported in 170 currencies.”
Speaking about the new features, Helcio Nobre, Chief Product Officer at Rapyd, stated:
“Today, only 6 percent of the world’s population has a credit card, yet more than two billion consumers transact in local markets with a diverse set of payment methods like cash, bank transfers, e-wallets, and local debit cards. With Checkout, we’re enabling these same consumers to pay how they want – giving merchants easy access to them through the use of Rapyd’s network connections in 100+ countries.”
As previously reported, Rapyd describes itself as a mobile-first financial network that makes the world’s “favorite ways” to pay and be paid instantly available through a single API and SDK.
“Through our scalable platform and API we are bringing together local financial specialists from every corner of the world to make the 100s of ways people pay available around the world, so that eCommerce merchants, gig platforms, challenger wallets, remittance platforms, online lenders, and even traditional banks can break free of their old infrastructure and limitations and create new mobile-friendly solutions to make payments faster, smarter, accessible and convenient to all.”
Rapyd also provides the following:
- Single Point of Reconciliation and Settlement of all funds across 65 currencies and the ability to payout in over 170 countries
- Advanced real-time foreign exchange services, that on average, provide a lower cost to clients and their consumers, and are more profitable, due to advanced FX hedging technology
- Comprehensive global Know Your Customer (KYC), Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) services