Rapyd Partners ERA and LytePay to Launch E-Wallet for Real Estate Salespersonsby Fintech News Singapore August 21, 2020
Rapyd, a Fintech-as-a-Service company, and LytePay, a Singapore-based financial solutions provider for those who are self-employed, have announced their collaboration to launch a business wallet with a complementary Mastercard payment card for local real estate salespersons of ERA Singapore.
Real estate salespersons (RES) typically wait two to six months after a deal’s closure to receive their commission payouts. The new business wallet, also known as LytePay, allows them to instantly cash out their sales commissions with the embedded service called LyteMoney, saving months of waiting.
In addition, they can use the app to gain insights into income data, invoice clients, and in the coming months, contribute to retirement funds, purchase health insurance and more. They said that it is the first such service for real estate agents in Southeast Asia.
According to the Council for Estate Agencies, there are more than 30,000 licensed RES in Singapore. They do not enjoy the same benefits and income stability associated with full-time employees and could benefit from services such as LytePay.
Jack Chua, CEO of ERA Singapore felt said the wallet would “empower their teammates to create more sales, capture opportunities faster, and serve their clients better”.
Aside from the LyteMoney cash-out service, the wallet also comes with a payment card powered by Rapyd’s Card Issuing capabilities. The card, called Lyte Talent Card, enables RES to use their yet-to-be-paid commissions anywhere Mastercard is accepted.
With the card, RES can also track and pay for their business expenses such as staging a client’s home for viewing and paying for listing fees on property marketing platforms. In addition, agents spend a significant amount on transportation, gifts and marketing collaterals.
“Property agents in Singapore range from those who make a decent living to those who are just making ends meet. Neither groups get access to financial services that employees or small businesses enjoy mainly because their income is variable. By using data science and fintech, we want to help all property agents make more money and live more assured lives. We choose Rapyd to be our partner to fulfill this vision with their technology and geographic coverage, and we are proud to be able to impact lives with ERA across the region,”
said Dennis Goh, co-founder of LytePay.
“Rapyd’s Card Issuing platform helps innovators like LytePay and ERA create opportunities for new user segments in a simple and innovative way. Making income available more quickly is always great, but it is particularly essential now, during the pandemic. We are excited to be a part of speeding up funds to property agents through our partnership with LytePay,”
said Joel Yarbrough, Vice President for Asia Pacific, Rapyd.