Rapyd, an international Fintech as a Service company, announced today its partnership with all key players of India’s obligations ecosystem – such as Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, also Unimoni – to roll out a thorough payment service which enables international retailers to cultivate their company in India and assists Indian retailers to expand sales internationally and readily gain over 900 locally-preferred payment approaches across the world.
Simplifying Market Entry to India
India’s varied payment ecosystem has risen rapidly to become one of its richest in the world, using a high number of payment options, an industry-leading real time payments platform UPI (Unified Transaction Interface), a dozen important eWallets, neighborhood Rupay and worldwide card schemes, along with a lingering love affair with cash.
Rapyd recently ran its 2020 APAC eCommerce and Upgrades Research among Indian on line consumers inquiring about payment methods they use and people they favor, in addition to their desire to embrace new technology, which revealed that payment tastes are tremendously diversified, with economists utilizing a diverse mixture of global and local payment titles: Paytm (85%), Visa Credit Card (83%), Google Pay (77%), NEFT (74%), Amazon Pay (66%), PhonePe (57%), and many others. When asked, however, what strategy they selected, 51.2% picked eWallets (such as Paytm, Google Pay, Amazon Pay), all which encourage UPI beneath the covers, and also 11.9% preferring bank transports themselves, 28% ), and 5.9% cash.
Through stretching Rapyd’s International Payments Network to India, global retailers are now able to access India’s favorite payment methods via one technology stack, permitting them to move “local” for your India viewers, both amassing out of buyers and making payments to partners and suppliers utilizing India’s favorite procedures.
Rapyd brings to India:
- Rapyd Collect – a stage which enables companies to take payment in the kind of:
- Immediate UPI obligations from bank balances and eWallets;
- Global and national credit and debit cards: RuPay, Visa, Mastercard, Amex, and Diners;
- Money over-the-counter in shops, converted into a digital payment;
- eWallet obligations from India’s most well-known wallets, such as Paytm, PhonePe, and much more;
- Conventional Netbanking through 55 banks,
- Rapyd Disburse – an alternative that allows sending payments through IMPS and UPI payments to bank balances and eWallets
- Cash pickup over-the-counter
- Conventional Bank transfers by NEFT.
Accelerating Development of Indian Businesses Overseas
Additionally, Indian companies will have the ability to get the Rapyd International Payments Network, that lets them readily do business abroad and:
● Collect funds overseas with more 900 locally chosen payment approaches in over 130 nations,
● Repatriate capital to India, also
● Make outbound obligations to providers in more than 160 nations via Rapyd Disburse.
“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 eCommerce, Fintech, lending, business services, and treasury management,” states 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, and removing the complexities of managing product, tech, compliance, and operations,” he included.
Satish Kumar Gupta, MD & CEO, Paytm Payments Bank stated, “We are happy to collaborate with Rapyd as their Business Banking and Payout partner in India. With this partnership, we will extend the convenience & flexibility of multiple payment modes, including Paytm Wallets, Bank Transfers and UPI to global businesses for collecting & disbursing payments to their sellers, customers and partners. Our comprehensive digital offerings will enhance Rapyd’s seamless payment experience.”
The growth of the Rapyd International Payments Network offering round-the-clock payment capacities took place at Singapore in November 2019, followed by Brazil in March 2020, United Kingdom in June 2020 and Mexico before in July 2020. Prior to this, in October 2019, Rapyd increased $100 million in its Series C round, headed by Oak HC/FT with involvement from Tiger Global, Coatue, General Catalyst, Goal Global, Stripe, persuasive Capital, along with Entrée Capital.
Sudhir Sehgal, Nation Head – Enterprise Business in PayU additional, “We are extremely delighted to partner with Rapyd, one of the world’s leading global payment networks, to help their global merchants enhance their business operations in India through our seamless payment collection services. We consider Rapyd to be an extremely valuable partner of PayU and are excited to be part of their journey in India.”