The Fintech-as-a-Service company, Rapyd enters into key strategic partnership with India’s payment ecosystem including Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HSBC Bank, BharatPay and Unimoni. This partnership will allow the UK-based fintech platform to roll out a comprehensive payment service that allows international merchants to expand sales internationally and easily access over 900 locally-preferred payment methods globally.

India’s lucrative diverse payment ecosystem is one of the most vibrant and diversified in the world, with a large number of payment options, an industry-leading real-time payments platform UPI, several e-Wallets, local Rupay and international card schemes.

And this is why Rapyd is elated to enter this market. Through extending Rapyd’s Global Payments Network to India, international merchants can now access India’s preferred payment methods through a single technology stack. This will enable them to go local for the Indian audience, both collecting from buyers and making payments to suppliers and partners using India’s preferred methods.

“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.

We can give our customers access to faster, and truly borderless 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,” says Mahesh Muraleedharan, Country Manager, Rapyd.

Its Rapyd Collect allows businesses to accept payment in the form of instant UPI payments from bank accounts and e-Wallets, international and domestic credit and debit cards, cash over-the-counter in stores, converted to an electronic payment, and traditional net banking. Rapyd’s another product Disburse is a solution that enables sending payments via IMPS and UPI payments to bank accounts and e-Wallets, cash pickup over-the-counter, and others.

In addition, India will be able to access the Rapyd Global Payments Network, which will allow them to easily do business overseas and collect funds aboard, repatriate funds to India and make outbound payments to suppliers in over 160 countries.

Satish Kumar Gupta, MD & CEO, Paytm Payments Bank, says, “We are happy to collaborate with Rapyd as their Business Banking and Payout partner in India. With this partnership, we will extend the convenience & flexibility of multiple payment modes, including Paytm Wallets, Bank Transfers and UPI to global businesses for collecting & disbursing payments to their sellers, customers and partners. Our comprehensive digital offerings will enhance Rapyd's seamless payment experience.”

Sudhir Sehgal, Country Head - Enterprise Business, PayU, says, “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.”