Consumers may soon be able to use a variety of payment methods such as OCBC Pay Anyone and PayNow when making purchases overseas, thanks to a new platform launched yesterday.
This platform, launched by London-based fintech company Rapyd, is a service targeted at businesses to streamline payment options and help them provide greater choice of payment methods to consumers.
In its announcement yesterday, Rapyd said its Singapore platform will "facilitate the movement of funds in real-time" within Rapyd's global payment network of over 900 payment types across more than 100 countries. Payment methods enabled by the platform include DBS PayLah!, GrabPay and kiosk payments via AXS and SAM machines, it said. The platform also reduces the need for merchants to integrate with multiple payment providers.
Mr Joel Yarbrough, vice-president for Rapyd in the Asia-Pacific, said global merchants on Rapyd's network can tap these local payment methods for overseas payments, in conjunction with the company's remittance licence, which was granted by the Monetary Authority of Singapore last month.
"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," he said.
While Rapyd did not share details of merchants on its network, citing confidentiality agreements, it said its platform would be useful for gig economy players and e-commerce platforms. Merchant partnerships will be announced at a later date, it added.
Rapyd said its platform will also improve operational efficiencies for businesses, as the accounts would be streamlined into a single financial statement regardless of the number of payment types they choose to accept.
Mr Pranav Seth, head of digital and innovation for OCBC Bank, said: "The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses."
The platform extends the payment options for consumers both in person and online, he said, adding that it is a key milestone in the bank's journey to drive digital payment adoption across Singapore.
More than this number of payment types in Rapyd's global payment network, across over 100 countries.
Associate Professor Lawrence Loh of the National University of Singapore said this integrated platform is unique as it stretches across a spectrum of payment methods.
"But the success of the platform will also depend on the adoption rate by vendors, and how (Rapyd) can incentivise adoption," he said.