Rapyd, a global B2B Fintech as a Service provider, announced on Thursday it has formed partnerships with key players of India’s payments ecosystem, which includes Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, and Unimoni, to roll out a comprehensive payment service that allows international merchants to grow their business in India. Rapyd brings the following services to India:
Rapyd Collect: A platform that allows businesses to accept payment in the form of:
- Instant UPI payments from bank accounts and eWallets
- International and domestic credit and debit cards: RuPay, Visa, Mastercard, Amex, and Diners
- Cash over-the-counter in stores, converted to an electronic payment
- eWallet payments from India’s most popular wallets, including Paytm, PhonePe, and more
- Traditional Netbanking through 55 banks
Rapyd Disburse: A solution that enables sending payments through:
- IMPS and UPI payments to bank accounts and eWallets
- Cash pickup over-the-counter
- Traditional Bank transfers by NEFT
In addition, Indian businesses will be able to access the Rapyd Global Payments Network, which allows them to easily do business overseas and:
- Collect funds abroad with over 900 locally preferred payment methods in over 130 countries
- Repatriate funds to India
- Make outbound payments to suppliers in over 160 countries through Rapyd Disburse
Speaking about the India launch, Mahesh Muraleedharan, Country Manager of Rapyd, stated:
“The roll-out of Rapyd’s Fintech as a Service platform in India will simplify access to India’s strongest payment brands in a single solution, solving scaling challenges in eCommerce, Fintech, lending, business services, and treasury management. We can give our customers access to faster, and truly borderless innovation, accelerating their time-to-market and helping India’s digital innovators to grow in India and beyond, and removing the complexities of managing product, tech, compliance, and operations.”
The expansion of the Rapyd Global Payments Network offering all-in-one payment capabilities first took place in Singapore in November 2019, followed by Brazil in March 2020, UK in June 2020, and Mexico earlier this month.