Rapyd Enters India Through Partnerships with Paytm and Other Major Playersby Fintech News Singapore July 16, 2020
Rapyd, a global fintech company, announced today its partnership with key players of India’s payments ecosystem – including Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay and Unimoni to roll out a comprehensive payment service.
This service allows international merchants to grow their business in India and help their merchants to expand sales internationally and easily access over 900 locally-preferred payment methods around the world.
Rapyd recently conducted its 2020 APAC e-commerce and payments study among Indian online consumers. The study looked into preferred payment methods used as well as the consumers’ ability to adopt new technologies. The results indicated that payment preferences are hugely diversified, with respondents using a diverse mix of international and local payment brands.
The breakdown would be Paytm (85%), Visa Credit Card (83%), Google Pay (77%), NEFT (74%), Amazon Pay (66%), PhonePe (57%) and others.
About 51.2% of the consumers chose e-wallets (including Paytm, Google Pay, Amazon Pay) all of which support UPI, 11.9% preferring bank transfers, 28% cards and 5.9% cash.
Indian businesses will be able to access the network which allows them to easily do business overseas where they are able to collect funds abroad with over 900 locally preferred payment methods in over 130 countries.
Their Rapyd Collect platform and Rapyd Disburse solution allows businesses to accept and send multiple forms of payments including traditional transfers from bank accounts and e-wallets, international and domestic credit as well as debit cards and cash.
“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 e-commerce, fintech, lending, business services and treasury management,”
says Mahesh Muraleedharan, Country Manager, Rapyd.
“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 by removing the complexities of managing product, tech, compliance and operations,”
Satish Kumar Gupta, MD & CEO, Paytm Payments Bank said,
“We are happy to collaborate with Rapyd as their business banking and payout partner in India. With this partnership, we will extend the convenience and flexibility of multiple payment modes, including Paytm Wallets, bank transfers and UPI to global businesses for collecting and disbursing payments to their sellers, customers and partners. Our comprehensive digital offerings will enhance Rapyd’s seamless payment experience.”