With the expansion of the card acquiring solution to the city state, Singapore is now the first country in Asia Pacific to have access to Rapyd’s complete and enhanced suite of services that also includes real-time-payments, white labeled wallet infrastructure, enhanced FX solutions and virtual accounts. Now, with one simple integration, local businesses can accept payments made via credit and debit cards, e-wallets (such as ApplePay, GooglePay and GrabPay), bank transfers (including PayNow), and send money abroad to over 190 countries via the Rapyd Global Payment Network, the largest local payment network in the world.
In today’s rapidly evolving financial landscape, fintech has become an indispensable tool for businesses seeking growth and efficiency. Recent data in a PwC study2 underscores the central role of payment technology in business priorities and foresees continued growth on the horizon. Singapore businesses, in particular, are embracing payment digitization strategies and are adopting fintech solutions into their operations.
Against this backdrop, the addition of Rapyd’s card acquiring solution to its existing Fintech as a Service platform in Singapore presents significant growth opportunities for local businesses. At its core, Rapyd’s value proposition centers on innovation, flexibility and efficiency, traits that adeptly address the unique challenges faced by industries that grapple with diverse risk and complexity levels. This holds particularly true for enterprises operating in the online travel, financial services, online gaming, pharmaceuticals and marketplaces sectors. These industries contend with complex business models that result in a myriad of use cases, underscoring the importance of streamlined payment solutions. Consider the online gaming sector, where convoluted payment challenges arise from a multitude of in-game purchases, international player bases, and various virtual currencies.
To tackle these complexities, Rapyd offers businesses a flexible payment solution within its Fintech as a Service suite, providing over 900 different local payment methods and accepting over 150 currencies to better enhance customer convenience. It also furnishes robust chargeback tools to resolve disputes and ensure financial stability and steady cash flow for the merchants, and its built-in security system safeguards against fraudulent activities. Rapyd further simplifies international transactions with integrated foreign exchange (FX) solutions, reducing complexities and costs.
Additionally, on the backend, the company’s flexible onboarding processes ensure that even the most complex sectors can seamlessly integrate with Rapyd’s payment solutions. With some of the industry’s fastest onboarding times, businesses can enter the market quickly. In these sectors, optimized payment processes are paramount, and Rapyd empowers these businesses to drive cost efficiencies, enhance operational agility, and seamlessly navigate complex business models.
Arik Shtilman, CEO and co-founder of Rapyd, expressed his excitement on the announcement, stating, “We are proud to bring our world-class card acquiring capabilities to Singapore, offering these businesses a trusted global solution already supporting over 250,000 merchants worldwide. Our established presence in the country has brought us to this exciting moment, and today’s launch highlights our continued commitment to investing in one of the world’s most advanced payment markets. We are dedicated to tackling complex payment challenges faced by businesses in Singapore and empowering them with innovative capabilities to enhance their payment systems and drive rapid growth in Singapore and beyond.”
The launch of card acquiring in Singapore also extends invaluable opportunities for global enterprises utilizing Rapyd’s services, allowing companies in Europe to effortlessly receive payments from Singaporean consumers via their preferred payment method, be it through credit card, e-wallets or bank transfers.