Rapyd partners with India’s leading payment providers to expand its Global Payments Network into the Indian market, and create a first-of-its-kind payment solution that spans credit and debit cards, UPI, wallets, and cash.
To address immediate COVID-19 business challenges, Rapyd India also launches the Solidarity Programme to help businesses digitise, accept and make real-time digital payments, and optimise their business costs as they diversify internationally.
SINGAPORE, 16 July 2020: Rapyd, a global Fintech as a Service company, announced today its partnership with key players of India’s payments ecosystem – including Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, and Unimoni – to roll out a comprehensive payment service that allows international merchants to grow their business in India and helps Indian merchants to expand sales internationally and easily access over 900 locally-preferred payment methods around the world.
Simplifying Market Entry to India
India’s diverse payment ecosystem has grown quickly to become one of the most vibrant in the world, with a large number of payment options, an industry-leading real-time payments platform UPI (Unified Payment Interface), a dozen major eWallets, local Rupay and international card schemes, and a lingering love affair with cash.
Rapyd recently conducted its 2020 APAC eCommerce and Payments Study among Indian online consumers asking about payment methods they use and those they prefer, as well as their appetite to adopt new technologies, which showed that payment preferences are hugely diversified, with respondents using a diverse mix of international and local payment brands: Paytm (85%), Visa Credit Card (83%), Google Pay (77%), NEFT (74%), Amazon Pay (66%), PhonePe (57%), and others. When asked, however, what method they preferred, 51.2% chose eWallets (including Paytm, Google Pay, Amazon Pay), all of which support UPI under the covers, and 11.9% preferring bank transfers themselves, 28% cards, and 5.9% cash.
Through extending Rapyd’s Global Payments Network to India, international merchants can now access India’s preferred payment methods through a single technology stack, enabling them to go “local” for the India audience, both collecting from buyers and making payments to suppliers and partners using India’s preferred methods.
“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,” says 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 added.
Satish Kumar Gupta, MD & CEO, Paytm Payments Bank said, “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.”
Sudhir Sehgal, Country Head – Enterprise Business at PayU said, “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.”
