Rapyd, a global Fintech-as-a-service provider, announced last week the launch of its new Singapore platform to enable businesses to go cashless. Rapyd claims that the 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 through a single technical integration:
Real-time interbank payments through 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 through SoCash
While sharing more details about the platform, Joel Yarbrough, Vice President for Rapyd in Asia Pacific, stated:
“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.”
The platform will also allow consumers and businesses to do the following:
- 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: Receive debit card payments online or at kiosk locations across the island
- Build a real-time cashless ecosystem for businesses: 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.
Yarbrough went on to add:
“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.”