London-based fintech-as-service player Rapyd has entered into partnerships with key players of Singapore’s payments ecosystem to provide a single “Singapore Platform” enabling businesses to go cashless. The platform launched on 8 November 2019, enables consumers and businesses to easily make payments electronically, convert cash to electronic payment methods, or receive funds instantly by enabling the following capabilities via a single technical integration:
- Real-time interbank payments via FAST, PayNow (a peer-to-peer funds transfer service available to retail customers of nine participating banks in Singapore), and PayNow QR
- Leading digital wallets GrabPay, DBS PayLah!, and OCBC Pay Anyone
- Accept mobile payment methods powered by FOMO Pay (an integrated payment solution provider bringing together various payment methods including NETSPay, mVisa, GrabPay, WeChat Pay, etc.)
- 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 via SoCash
This unified platform simplifies the process of offering customers their choice of payment methods for businesses in Singapore and reduces the cost of addressing the current fragmentation in the market, ensuring customers see the payment methods they want, but without burdening merchants and online businesses with integrating multiple times with many providers.
The Rapyd Global Payments Network that lets businesses access the world’s largest local payment network with over 900 locally preferred payment methods including, bank transfers, e-wallets, cash in more than 100 countries. In October, Rapyd obtained a remittance license from the Monetary Authority of Singapore (MAS). Rapyd is also working with local banking partners, such as DBS Bank for cashless Cash Management and OCBC Bank for Mobile Payments.
(Sources: AsiaOne; Singapore Business Review; Business Times)