20/09/2023 (Singapore) - Global fintech leader, Rapyd, has rolled out its eminent card acquiring solution in Singapore, amplifying payment infrastructures similar to those utilized by industry titans including Google Play and IKEA. This enhancement facilitates Singaporean businesses of various scales to proffer a myriad of payment alternatives to a global consumer base exceeding 4 billion individuals.
The card acquiring service synergizes with Rapyd’s existing Fintech as a Service platform to grant local businesses a formidable toolset for augmenting their domestic market footprint while reaching out to an expansive pool of consumers worldwide. This strategic move designates Singapore as the pioneer in the Asia Pacific region to have access to the full spectrum of Rapyd's services, including a white-labeled wallet framework and advanced foreign exchange solutions.
"Rapyd’s pivotal expansion in Singapore underscores our staunch dedication to fostering a thriving payment landscape in one of the globe’s most forward-thinking markets," said Arik Shtilman, CEO and co-founder of Rapyd. He affirmed Rapyd’s commitment to alleviating intricate payment dilemmas Singaporean enterprises encounter, enabling them to cultivate innovative avenues for enhancing their payment systems and fuel rapid growth domestically and internationally.
As businesses globally embrace fintech as an essential facet for growth and proficiency, Singaporean enterprises are increasingly leaning towards payment digitalization strategies, integrating fintech solutions in their operational blueprint. The PwC study indicates a burgeoning trend in the adoption of payment technology in the business sector, forecasting a sustained uptick in the coming times.
Rapyd’s versatile platform is particularly beneficial for sectors characterized by multifaceted business models and use scenarios, such as the online gaming and financial services sectors. It offers over 900 local payment methods, accommodates more than 150 currencies, and introduces a substantial chargeback mechanism to address disputes efficiently, thereby maintaining a stable financial ground for merchants.
This comprehensive suite is designed to seamlessly address the distinct challenges posed by divergent risk and complexity levels in various industries. Particularly, it resonates with enterprises in sectors like online gaming, where a tapestry of payment hurdles emerge from myriad in-game acquisitions, a diverse player base spanning international boundaries, and numerous virtual currencies.
The launch heralds significant growth prospects for local businesses by offering a simplified solution for international transactions through integrated FX solutions, thereby diminishing complexities and reducing costs. Rapyd seeks to power these enterprises with the ability to foster cost-effectiveness, enhance functional agility, and effortlessly maneuver through intricate business frameworks, leveraging swift onboarding processes and reinforced security protocols.
Moreover, the introduction of this service in Singapore affords a golden opportunity for global firms availing Rapyd’s services, facilitating European entities to seamlessly accept payments from Singaporean consumers via their favored payment avenues, encompassing credit cards, e-wallets, and bank transfers. It is a concerted effort towards fostering a global payment ecosystem where simplicity and efficiency are at the forefront.