FinTech-as-a-Service company Rapyd has partnered with nate, a consumer payments company, in order to expand its buy now, pay later (BNPL) capabilities and other offerings globally, the companies announced Monday (Nov. 15).
Nate’s work has the effect of cutting friction out of eCommerce, using artificial intelligence (AI) and machine learning to make the checkout experience “invisible.”
With nate, customers select the product they want to purchase, with the app filling out payment and shipping information to make things easier.
The partnership with Rapyd will allow nate to expand its worldwide growth to over 100 countries. Eventually, users will have the ability to check out with up to 900 local pay methods, including local debit cards, eWallets, bank transfers and cash.
The release notes that digital commerce made up around 24% of all retail sales in the first six months of this year, according to research from DigitalCommerce360.
Nate Founder and CEO Albert Saniger said the company’s work with Rapyd has shown the common goal of helping to improve payment capabilities.
“Consumers deserve a consistent, seamless, and private experience when making purchases, and merchants deserve to focus on what they do best, rather than worry about an increasingly complex and expensive stack,” Saniger said in a statement. “Deepening our partnership was a no-brainer, and a win for the entire industry.”
Meanwhile, Eric Rosenthal, Rapyd vice president – Americas, said the partnership would give consumers more opportunities for product or store recommendations, as well as easier checkouts.
“We know that today’s consumers make purchasing decisions based on the convenience of the transaction, so we’re pleased to help nate enhance their ability to serve customers and expand their reach across global markets with digital and social commerce,” Rosenthal said in the press release.
Rapyd recently updated its cloud-based Disburse and Collect platforms, which will let organizations make payouts in various currencies anywhere. Additionally, Rapyd users will have more control over payout timing and will be able to use virtual accounts to take payments.