PayNow, GrabPay or Nets: New all-in-one Singapore platform for payment options launched

The Singapore platform uses Rapyd's infrastructure to facilitate the movement of funds in real-time. SCREENGRAB: RAPYD.NET

SINGAPORE - Major payment methods in Singapore are now accessible via an all-in-one platform created by Rapyd.

The London-based fintech-as-a-service startup on Friday announced its partnership with key players in the city-state's payments ecosystem to enable businesses and consumers to go cashless more easily. It also enables merchants to make or accept cross-border payments.

The new "Singapore Platform" integrates the following capabilities:

• Real-time interbank payments: FAST, PayNow and PayNow QR

• Digital wallets and apps: GrabPay, DBS PayLah and OCBC Pay Anyone

• International credit and debit cards: Visa and Mastercard

• Domestic debit payment scheme: NETS

• Kiosk payments: AXS and SAM machines

• Conversion of cash to e-payment in stores: SoCash

• Mobile and e-payment methods powered by FOMO Pay and Razer

The Singapore platform uses Rapyd's infrastructure to facilitate the movement of funds in real-time.

Consumers and businesses are now able to make instant collections and payouts overseas using their preferred local methods within Rapyd's global network, which comprises over 900 payment types across more than 100 countries.

The platform simplifies the payment process and reduces the cost of addressing the current fragmentation in the market, Rapyd said.

Merchants will see improved operational efficiencies, as they do not need to integrate multiple times with different payment providers. They will receive a single financial settlement and benefit from simplified accounting reconciliation, Rapyd noted.

Joel Yarbrough, vice-president for Rapyd in Asia-Pacific, said: "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."

The launch of the platform comes after the company obtained a remittance licence from the Monetary Authority of Singapore in October to scale its digital remittance services in Asia-Pacific.

Also in October, Rapyd announced that it had raised US$100 million Series C funding at a valuation approaching US$1 billion. The round was led by Oak HC/FT, with participation from Tiger Global Management, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.

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