Rakuten Viber partners with Rapyd to launch Viber Pay
By Joy Dumasia
Rakuten Viber is expanding into digital payments with a mobile wallet available through the Viber app. This new function will allow Viber users to send money to each other easily and set up a digital wallet to store money, starting with Euros. It will later expand to include multiple currencies, along with other services available soon.
Rakuten Viber enters the global digital payments market with a worldwide user base of hundreds of millions of consumers and a strong reputation for security rooted in its on-by-default end-to-end encryption for private communications. Payments on Viber will go live initially in Greece and Germany and then roll out to more countries in the near future. Viber is installed on 91% of smartphones in Greece and was named by Germany’s Stiftung Warentest as one of the most secure messaging apps.
“Rakuten Viber is already one of the world’s top messengers, and with FinTech capabilities, Viber will extend its utility and value to make it an absolutely essential app for its hundreds of millions of users. User-friendly payment features will allow users to effortlessly connect, engage, and transact inside and across borders without ever leaving their preferred messaging platform,” says Ofir Eyal, CEO of Rakuten Viber. “Viber’s world-class security and privacy protection, joined with the high standards of premium payment service partners, like Rapyd, creates a simple and secure app-based alternative for conducting personal and business transactions.”
Adding funds to the digital wallet will be possible via all Mastercard and Visa cards and local banks upon its launch in Germany and Greece. To provide licensed payment services in the first two markets, Viber has partnered with Rapyd, a global FinTech-as-a-Service company. Rapyd will embed its licensed payment processing services directly into the Viber app to power the in-app payments capabilities.
The addition of a seamless payment solution with an in-app wallet provided by licensed financial partners, along with other soon-to–be-introduced features, is a natural evolution that newly positions Rakuten Viber as a standalone super app. Since 2019, Viber users have conducted millions of peer-to-peer payment transactions in more than ten markets via various third-party integrations with chatbot and chat extensions.
“We’re thrilled that Rapyd will serve as the licensed cross-border payments solution powering this historic milestone for Rakuten Viber: becoming one of the world’s first messaging platforms to offer secure in-app payments to its global user base,” says Rapyd CEO Arik Shtilman. “At Rapyd, we build the payments technology that removes the back-end complexities of cross-border commerce and payments. Through this partnership, the combined power of Viber and Rapyd’s leading security and seamless embedded payments capabilities means millions of users can feel confident conducting their financial transactions via a single messaging app.”
IBSi Daily News Analysis
February 20, 2024
Cross Border Payments
GCC banking landscape: UAE and Qatar lead in net sentimentRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage