Rapyd Set To Waive FX and Processing Fees in an Effort to Help Consumers Receiving Payments During COVID-19 Pandemic

Rapyd, a global B2B Fintech as a Service provider, announced on Thursday it has launched a new initiative, the Rapyd Social Responsibility and will be waiving foreign exchange and processing fees on the first $100,000 in total processing volume for new businesses in the U.S., Brazil, and Mexico that use the platform. The company revealed that the fee waiving is in an effort to help consumers during the COVID-19 pandemic.

As previously reported, the Rapyd Global Payments Network notably provides significant global reach including 26 countries across Asia including Singapore, India, Taiwan, and Japan. Expansion across the Americas has also occurred with more payout coverage in the U.S., Brazil, and Mexico. According to Rapyd, The Rapyd Social Responsibility initiative is available until June 30th for businesses onboarding the Rapyd platform and who will commit to passing on the fee savings to end-users during their first three months of processing payments.

Rapyd further reported that in addition to helping consumers, the program enables gig economy, marketplaces, platform economies, and other businesses to digitize their payment infrastructures quickly – a critical strategy that is emerging as the COVID-19 pandemic evolves by:

  • Allowing businesses to go cashless quickly
  • Expanding disburse payment methods that they can offer to their end-users
  • Helping businesses become more resilient and adaptable to dramatically changing payment behaviors
  • Enabling payouts in over 100 countries and in more than 65 currencies

Speaking about the initiative, Eric Rosenthal, Vice President and Managing Director of the Americas for Rapyd, stated:

“The impact of COVID-19 on the global economy has changed how independent contractors, workers, and consumers prefer to receive payments and the speed at which they need these funds at their disposal. Payment methods have shifted from cash to digital, and end beneficiaries are now resorting to quicker payments to be able to survive the pandemic effects. Rapyd wants to do our part in helping consumers and workers during this difficult time.”

The launch of the Rapyd Social Responsibility comes just weeks after Rapyd announced it has made a major expansion of its mass-payout platform, Rapyd Disburse. The Rapyd Disburse bypasses legacy mass-payout platforms by providing APIs that improve the user experience and supports multiple disbursement use cases including B2B supplier payments, B2C mass payouts for digital platform businesses and P2P transfers for remittance firms and banks.

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