The new payment service enable Indian merchants to gain access to more than 900 locally-preferred payment methods around the world.
Rapyd to enter Indian market targeting local businesses. (Credit: Pixabay/F1 Digitals)
Rapyd, a UK-based fintech platform has forayed into the Indian market by launching a payment service allowing international merchants to grow their business in the country.
To launch its payment service in India, the company has partnered with several players in the country’s payment ecosystem including Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, and Unimoni.
The new payment service will also support Indian merchants to expand sales internationally and gain access to more than 900 locally-preferred payment methods around the world.
The extension of Rapyd’s Global Payments Network to India is expected to enable international merchants to use India’s preferred payment methods through a single technology stack.
Rapyd introduces Rapyd Collect and Rapyd Disburse in India
The global Fintech as a Service company has introduced two payment solutions in India, namely Rapyd Collect and Rapyd Disburse.
Rapyd Collect is a platform allowing businesses to accept payments through instant UPI payments from bank accounts and eWallets.
It also allows payment acceptance in international and domestic credit and debit cards including RuPay, Visa, Mastercard, Amex, and Diners as well as eWallet payments from some of the popular wallets in the country such as Paytm, PhonePe and more.
Rapyd Disburse is a solution to send payments via IMPS and UPI payments to bank accounts and eWallets and traditional bank transfers by NEFT.
Furthermore, Indian businesses can also access the Rapyd Global Payments Network, which will allow them to easily conduct business overseas.
Through the platform, the businesses can also collect funds aboard with more than 900 locally preferred payment methods across 130 countries, repatriate funds to India and make outbound payments to suppliers in across 160 countries through Rapyd Disburse.
Rapyd country manager Mahesh Muraleedharan said: “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.
“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.”
The fintech has also introduced the new Rapyd India Solidarity Programme, a new initiative to support businesses in the country during the Covid-19 pandemic.
Under the programme, the UK-based fintech will support Indian businesses to quickly accept online payments, serve stay-at-home customers and to reduce their business expenses with limited-time Solidarity Programme.
Through the initiative, a full fee waiver, which includes zero onboarding fee, 0% Merchant Discount Rate and zero fixed fees, will be offered for the first INR5m ($66,511) in total processing volume for all India-based businesses that complete their onboarding with Rapyd from this month until August 30.