Mr. Pranav Seth, Head of E-Business, OCBC Bank

UK-based fintech Rapyd has partnered with OCBC Bank in a bid to enable real-time bank payments for its consumers and online retailers in Singapore. The supplier states that Singapore’s P2P funds transfer service PayNow is instrumental in facilitating OCBC Bank customers to make digital payments using OCBC Pay Anyone App ( Powered by Rapyd’s Checkout Payments Solution).

Mr. Joel Yarbrough, Vice President, Asia Pacific at Rapyd, said: “We are excited to work with OCBC to make instant payments through OCBC Pay Anyone available to our network for online and mobile merchants. We are also thrilled to be leveraging the significant investments Singapore has made in the open loop PayNow real-time payments infrastructure, to make safer bank transfers available for Singaporeans as they shop globally.”

According to the supplier, the partnership is expected to bring about a variety of payment options at online retailers’ checkouts, thus enabling them to access their bank account funds by opting for “Pay with OCBC Pay Anyone” within the retailer’s app. It aims to convert the payment process to a seamless and convenient one.

Mr. Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank, said: “Singapore’s eCommerce market is estimated to hit $5 billion this year. This partnership extends the ability of customers to directly access their bank account funds to pay more than 3,000 retailers via QR codes and PayNow at physical stores, to also access their bank account funds directly to pay online retailers on mobile apps seamlessly. OCBC is at the forefront of the digital payments revolution and working with Rapyd’s payment gateway expands this service, accelerating Singapore’s Smart Nation and cashless society agenda.”

Recently, Rapyd launched its hyper-local payments solution, Rapyd Checkout which allows merchants to accept local payment types in 100+ countries, including cash, bank transfers, local cards, and e-wallets.

Founded in 2015, Rapyd is headquartered in the UK with offices in London, Singapore, Silicon Valley, and Tel Aviv.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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