Rapyd, a global fintech as a service company, announced earlier today that it has partnered with a number of the major payments players in India to roll out a payment service, allowing international merchants to grow their business within India, as well as local companies expand abroad.
The announcement comes less than a week after Rapyd announced the launch of an similar payments service in Mexico. In India, the fintech firm has partnered with Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, and Unimoni in order to roll out the solution.
By extending its Global Payments Network to India, international companies will be able to access the preferred payment methods within the country via a single technology stack, allowing them to provide a local service for their Indian customers.
In particular, Rapyd’s platform, Rapyd Collect, allows businesses to accept payments via instant UPI payments from bank accounts and eWallets, international and domestic credit and debit cards, including RuPay, Visa, Mastercard, Amex, and Diners, accept cash over-the-counter which is then converted to an electronic payment, as well as traditional netbanking via 55 banks.
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Commenting on the launch, Mahesh Muraleedharan, Country Manager, Rapyd said in the statement: “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.”
The fintech company has also introduced Rapyd Disburse, a solution that facilitates IMPS and UPI payments to bank accounts and eWallets, tradition bank transfers by NEFT and cash pickup over-the-counter.
“We are happy to collaborate with Rapyd as their Business Banking and Payout partner in India,” added Satish Kumar Gupta, MD & CEO, Paytm Payments Bank in the statement.
“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.”