Fintech Rapyd Launches Local Payment Services in India

Rapyd, a global Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term as a service company, announced earlier today that it has partnered with a number of the major Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.

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.”

Rapyd Disburse

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."