Fintech firm Rapyd has joined forces with OCBC Bank to facilitate real-time mobile bank payments for consumers and online retailers in Singapore via local P2P money transfer service PayNow.
PayNow will allow the bank’s customers to use the OCBC Pay Anyone app to make payments to retailers from their deposit accounts.
Rapyd’s Checkout payments tool for e-commerce will power the service.
According to Rapyd, currently very few digital retailers allow customers to pay online directly from their deposit accounts.
The process is very complex in such cases, requiring customers to navigate out of the retailer’s app.
With the latest tie-up, Rapyd intends to change that.
Moreover, the partnership will offer retailers quicker access to capital instead of the usual wait period of up to three days for card-based payments.
In this regard, Rapyd cited data from research consultancy MarketandMarkets.
According to the data, the number of real-time payments worldwide is anticipated to surge to $25.9bn in 2023 from $6.8bn in 2018.
OCBC head of e-business, business transformation and fintech and innovation group Pranav Seth said: “Singapore’s eCommerce market is estimated to hit $5 billion this year.
“The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses.
“This partnership extends the ability of customers to directly access their bank account funds to pay more than 3,000 retailers via QR codes and PayNow at physical stores, to also access their bank account funds directly to pay online retailers on mobile apps seamlessly.”