Rapyd announced its partnership with key players in India’s payments ecosystem – Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay and Unimoni – to roll out a comprehensive payment service that allows international merchants to grow their business in India and helps Indian merchants to expand sales internationally and easily access over 900 locally-preferred payment methods around the world.
India’s diverse payment ecosystem has grown quickly, with a large number of payment options, real-time payments platform Unified Payment Interface (UPI), a dozen major e-wallets, local Rupay and international card schemes as well as cash.
Rapyd recently conducted its 2020 APAC eCommerce and Payments Study among Indian online consumers, asking about payment methods they use and those they prefer, as well as their appetite to adopt new technologies.
The study showed that payment preferences are hugely diversified, with respondents using a diverse mix of international and local payment brands: Paytm (85%), Visa Credit Card (83%), Google Pay (77%), NEFT (74%), Amazon Pay (66%), PhonePe (57%) and others. When asked, however, what method they preferred, 51.2% chose e-wallets (including Paytm, Google Pay and Amazon Pay), all of which support UPI under the covers, 11.9% preferred bank transfers themselves, 28% cards and 5.9% cash.
Through extending Rapyd’s Global Payments Network to India, international merchants can now access India’s preferred payment methods through a single technology stack, enabling them to go ‘local’ for the India audience, both collecting from buyers as well as making payments to suppliers and partners using India’s preferred methods.
Rapyd brings to India:
Accelerating growth of Indian companies overseas
In addition, Indian businesses will be able to access the Rapyd Global Payments Network, which allows them to easily do business overseas and collect funds abroad with over 900 locally preferred payment methods in over 130 countries, repatriate funds to India and make outbound payments to suppliers in over 160 countries via Rapyd Disburse.
“The roll-out of Rapyd’s Fintech as a Service platform in India will simplify access to India’s strongest payment brands in a single solution, solving scaling challenges in e-commerce, fintech, lending, business services and treasury management,” Rapyd’s Country Manager Mahesh Muraleedharan said.
“We can give our customers access to faster and truly borderless innovation, accelerating their time-to-market, helping India’s digital innovators to grow in India and beyond and removing the complexities of managing product, tech, compliance and operations,” Muraleedharan added.
Satish Kumar Gupta, Managing Director and CEO of Paytm Payments Bank, said, “We are happy to collaborate with Rapyd as their business banking and payout partner in India. With this partnership, we will extend the convenience and flexibility of multiple payment modes, including Paytm Wallets, bank transfers and UPI to global businesses for collecting and disbursing payments to their sellers, customers and partners. Our comprehensive digital offerings will enhance Rapyd’s seamless payment experience.”
In addition, Sudhir Sehgal, Country Head of Enterprise Business at PayU, said, “We are extremely delighted to partner with Rapyd, one of the world’s leading global payment networks, to help their global merchants enhance their business operations in India through our seamless payment collection services. We consider Rapyd to be an extremely valuable partner of PayU and are excited to be part of their journey in India.”
Rapyd India Solidarity Programme
Responding to the uncertainties and ‘new-normal’ brought about by the COVID-19 pandemic, Rapyd is also supporting Indian businesses to quickly accept online payments, serve stay-at-home customers and reduce their business costs with the limited-time Solidarity Programme.
This initiative includes a full fee waiver (i.e. zero onboarding fee, 0% Merchant Discount Rate and zero fixed fees) on the first $66,000 (INR 50 Lakhs) in total processing volume for all India-based businesses that complete their onboarding with Rapyd from now until 30 August 2020.
Fully funded by Rapyd, the initiative will help Indian businesses go cashless more quickly, increase the operational resilience of businesses, enable businesses to start selling internationally at low cost, ensure businesses get paid quickly and redeploy their working capital instantly and help businesses make real-time payments to suppliers and delivery personnel.
The expansion of the Rapyd Global Payments Network offering all-in-one payment capabilities first took place in Singapore in November 2019, followed by Brazil in March 2020, United Kingdom in June 2020 and Mexico ea in July 2020. Prior to that, in October 2019, Rapyd raised $100 million in its Series C round, led by Oak HC/FT, with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, Durable Capital and Entrée Capital.
Re-disseminated by The Asian Banker