RaPay's digital payment platform to reduce merchants settlement times

With the RaPay system, all payments clear within minutes, providing the recipient with instant, guaranteed cash-in-the-bank on all completed sales. In addition to this, the RaPay system doesn’t involve the need to rent expensive POS machines and can be implemented anywhere that has an internet connection.

Payments on the RaPay system can be completed entirely on a customer's mobile phone by scanning the retailer's unique QR code. The codes automatically link with the user’s mobile banking app to direct funds to the correct retailer. All receipts are sent electronically via email.

QR codes can be displayed digitally or printed out and presented on any surface, making the system available even to informal vendors without electricity. RaPay can also operate using NFC chip communication by tapping a phone on an NFC-enabled device.

The RaPay platform is already available to customers from multiple banks across Europe, including Barclays, Bank of Scotland, HSBC, Nationwide, NatWest, RBS, Santander, Bank of Ireland, Danske Bank and Halifax, First Direct, TSB, and M&S Bank are now live.