Fintech-as-a-service (FaaS) company Rapyd has made an entry into the Indian market with a payment solution that spans credit and debit cards, UPI and cash. The UK-based firm has partnered with several key players in India’s payments ecosystem such as Paytm Payments Bank, PhonePe, PayU and HDFC Bank to roll out a comprehensive payment service where a merchant can integrate local fintech and payment capabilities into any application.
Through the platform, international merchants can now access India’s preferred payment methods through a single technology stack, enabling them to go “local” for the audience, both collecting from buyers and making payments to suppliers and partners, using India’s preferred methods. It also helps Indian merchants expand sales internationally and easily access over 900 locally-preferred payment methods around the world.
The two application programming interface (API) products launched are Rapyd Collect, a platform that allows businesses to accept payment multiple channels like UPIs, debit and credit cards, and Rapyd Disburse, which enables sending payments via UPIs, e-wallets or even cash pick-up over-the-counter.
“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 eCommerce, Fintech, lending, business services, and treasury management,” said Mahesh Muraleedharan, country manager, Rapyd, in a press statement. “We can give our customers access to a faster and truly border-less innovation, accelerating their time-to-market and helping India’s digital innovators to grow in India and beyond, and removing the complexities of managing product, tech, compliance, and operations."
Responding to the uncertainties and “new-normal” brought about by the Covid-19 pandemic, Rapyd also launched Solidarity Programme to support Indian businesses to quickly accept online payments and reduce their business costs.
Under the initiative, businesses will get a full fee waiver (zero onboarding fee, zero per cent Merchant Discount Rate and zero fixed fees) on the first Rs 50 lakh in total processing volume for all India-based businesses until 30 August 2020.
The London-based fintech was founded in 2016. It has raised $170 million across four rounds till date, according to data compiled by Crunchbase.