Global FinTech Rapyd announced that it has launched a single platform in Singapore that enables businesses to go cashless.
The company has partnered with key players on “Singapore Platform,” which will allow consumers and businesses to make payments electronically, convert cash to electronic payment methods or receive funds instantly.
“I am thrilled to be able to bring the Singapore Platform to life for merchants and consumers. Singapore has been a leading payments innovator for years, but as payment options have increased, it hasn’t gotten easier for merchants to offer the full breadth of options to their customers. With the Singapore Platform, we are enabling the most important local payment options in a single package that makes it easy for merchants to offer,” Joel Yarbrough, Vice President for Rapyd in Asia Pacific, said in a press release.
“Singapore is a great market for us because of the progressive regulation by MAS to enable and foster innovation within the digital payments space, and the great network of local partners we have been able to integrate into Rapyd’s Global Payments Network and unlock the benefits of a cashless Singapore for consumers and merchants around the world,” he added.
The first-of-its-kind integration will allow businesses to unlock FAST and PayNow instant bank transfers, make local bank payments with DBS PayLah!, OCBC Pay Anyone, or NETS, pay in person at AXS or SAM terminals, complete electronic cash payments in stores via SoCash, or use eWallet payments with GrabPay. The platform uses Rapyd’s FinTech-as-a-Service infrastructure and Rapyd’s Global Payment Network, which boasts over 900 payment types across more than 100 countries.
This announcement follows Rapyd’s recent infusion of $100 million in Series C funding, led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.