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November 8, 2019

Rapyd introduces all-in-one payment platform in Singapore

Fintech-as-a-service provider Rapyd has rolled out a new platform in Singapore integrating all major payment methods.

The move aims to streamline all operations within the digital payment ecosystem through a single platform.

Rapyd entered into partnerships with key local players to enable consumers and businesses to go cashless through a single technical integration.

The Singapore Platform enables real-time interbank payments, adds money to major local e-wallets and enables cash-to-electronic payment conversion.

The platform also enables mobile payments, kiosk payments as well as supports international Visa and MasterCard credit and debit cards.

Additionally, it supports domestic debit payment scheme NETS and key consumer wallets and ePayments.

The Singapore Platform leverages Rapyd’s infrastructure to enable real-time fund transfers within its Global Payment Network. The network comprises more than 900 payment types across more than 100 countries.

Rapyd Asia Pacific vice-president Joel Yarbrough said: “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.”

With the Singapore Platform, consumers and businesses can pay for purchases instantly to a mobile number, account number, NRIC, Unique Entity Number (UEN), or with a QR code.

The customers can make card payments and use locally-preferred payments through Global Payments Network.

The participating businesses can also use the platform to create real time cashless ecosystem, streamlining payment processes.

The launch of the Singapore Platform comes a month after Rapyd secured a remittance licence in Singapore.

Last month, the fintech-as-a-service provider also secured $100m in a funding round led by Oak HC/FT.

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