Rapyd enters India with payment solution and a COVID-19 Solidarity Programme

Rapyd, a global fintech as a service company, has announced its partnership with players of India’s payments ecosystem - including Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, and Unimoni.

India’s diverse payment ecosystem has grown quickly to become one of the most vibrant in the world, with a large number of payment options, an industry-leading real-time payments platform UPI (Unified Payment Interface), a dozen major e-wallets, local Rupay and international card schemes, and a lingering love affair with 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, which 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, Amazon Pay), all of which support UPI under the covers, and 11.9% preferring 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 and making payments to suppliers and partners using India’s preferred methods. 

Rapyd brings to India:

Rapyd Collect - a platform that allows businesses to accept payment in the form of:

• Instant UPI payments from bank accounts and eWallets;
•  International and domestic credit and debit cards: RuPay, Visa, Mastercard, Amex, and Diners;
• Cash over-the-counter in stores, converted to an electronic payment;
•  e-wallet payments from India’s most popular wallets, including Paytm, PhonePe, and more;
• Traditional Netbanking via 55 banks.

Rapyd Disburse - a solution that enables sending payments via:

• IMPS and UPI payments to bank accounts and e-wallets;
• Cash pickup over-the-counter;
• Traditional Bank transfers by NEFT.

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.

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.

iThis initiative includes a full fee waiver (ie zero onboarding fee, 0% Merchant Discount Rate and zero fixed fees) on the first INR 50 Lakh in total processing volume for all India-based businesses that complete their onboarding with Rapyd from now until 30 August 2020.