Rapyd extends APAC footprint with South Korea launch
By Edil Corneille
London-based Rapyd, a global FinTech as a Service company, has launched its ‘all-in-one’ payment capabilities in South Korea. The company has partnered with Korean payment service providers such as KCP, PayLetter and others. Rapyd now provides access to a comprehensive suite of South Korean payment options across international and local cards (Hyundai Card, Shinhan Card, Samsung Card), mobile wallets (Kakao Pay, Samsung Pay, Toss, and PAYCO), bank transfers, vouchers, and carrier billing.
The rollout of South Korea payments capabilities will enable international companies to immediately provide localised payment experiences catered to the expectations of modern Korean consumers and tap into the eCommerce populations.
“…This market is seeing fast adoption of mobile wallets, such as Kakao Pay, and is incredibly rich in payment services. While competition is heating up and the market is becoming more segmented, the overall pie of Korean mobile payments keeps growing. With the launch of Rapyd’s payment capabilities in South Korea, we are able to bridge the global eCommerce players to a vibrant and exciting Korean market opportunity, and create a truly native South Korean Payment experience,” said Joel Yarbrough, Vice President for Asia Pacific, Rapyd.
Jaewook Noh, Managing Director, KCP commented, “South Korea is one of the world’s most mature payment markets in the world, and we welcome an opportunity to collaborate with Rapyd and bring Korea closer to the global eCommerce ecosystem. Our partnership is an example of ‘local going global’: it is an attestation of our commitment to building customer-centered experiences, while also supporting the growth of the global Internet economy.”
Additionally, businesses based in South Korea will also be able to access Rapyd’s Global Payments Network and expand internationally into over a 100 markets by accepting payments from consumers in any of the 900 locally preferred payment methods supported by Rapyd.
One of the first South Korean companies to access Rapyd Global Payment Network capabilities is SENTBE, a FinTech money transfer service, looking to provide easier, faster, and more convenient global remittances.
“We are pleased to be collaborating with Rapyd, a vital partner in helping SENTBE expand globally as a total FX solution company. As we have recently acquired a Payment Gateway Licence in Korea, we are also looking forward to being a solid infrastructure partner for Rapyd in the near future,” said Alex Choi, CEO, SENTBE.
South Korea is the sixth global market where Rapyd extends its ‘all-in-one’ payment capabilities. The expansion of the Rapyd Global Payments Network offering all-in-one payment capabilities first took place in Singapore in November 2019, followed by Brazil in March 2020, the United Kingdom in June 2020 and Mexico and India in July 2020.
IBSi Daily News Analysis
November 28, 2023
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage