Fintech-as-a-service (FaaS) firm Rapyd has made an entry into the Indian market with a fee answer that spans credit score and debit playing cards, UPI and cash. The UK-based agency has partnered with a number of key gamers in India’s funds ecosystem corresponding to Paytm Funds Bank, PhonePe, PayU and HDFC Bank to roll out a complete fee service the place a service provider can combine native fintech and fee capabilities into any software.
By the platform, worldwide retailers can now entry India’s most well-liked fee strategies by means of a single expertise stack, enabling them to go “local” for the viewers, each accumulating from patrons and making funds to suppliers and companions, utilizing India’s most well-liked strategies. It additionally helps Indian retailers broaden gross sales internationally and simply entry over 900 locally-preferred fee strategies all over the world.
The 2 software programming interface (API) merchandise launched are Rapyd Acquire, a platform that enables companies to just accept fee a number of channels like UPIs, debit and bank cards, and Rapyd Disburse, which allows sending funds by way of UPIs, e-wallets and even cash pick-up over-the-counter.
“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,” mentioned Mahesh Muraleedharan, nation supervisor, Rapyd, in a press assertion. “We can provide our prospects entry to a sooner and actually border-less innovation, accelerating their time-to-market and serving to India’s digital innovators to develop in India and past, and eradicating the complexities of managing product, tech, compliance, and operations.”
Responding to the uncertainties and “new-normal” led to by the Covid-19 pandemic, Rapyd additionally launched Solidarity Programme to help Indian companies to rapidly settle for on-line funds and cut back their enterprise prices.
Below the initiative, companies will get a full price waiver (zero onboarding price, zero per cent Service provider Low cost Fee and nil mounted charges) on the primary Rs 50 lakh in whole processing quantity for all India-based companies till 30 August 2020.
The London-based fintech was based in 2016. It has raised $170 million throughout 4 rounds until date, in accordance with information compiled by Crunchbase.