Global fintech-as-a-service provider Rapyd has partnered with OCBC Bank to enable real-time bank payments for its consumers and online retailers in Singapore.
The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, and enables OCBC Bank customers to make digital payments using the ‘OCBC Pay Anyone’ app.
Founded in 2015, Rapyd is headquartered in the UK and recently launched its Rapyd Checkout payments solution for e-commerce (which will power the OCBC’s mobile app.)
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.”
The partnership with Rapyd Checkout aims to provide OCBC Bank customers with more payment options at online retailers’ checkouts.
According to research consultancy MarketandMarkets, the number of real-time payments globally expected to grow from $6.8bn in 2018 to $25.9bn in 2023, meaning digital retailers are actively looking to add more local payment options for customers.
Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank, described the partnership as a “key milestone” in the banks journey to drive mobile and digital payments in Singapore.
He commented: “Singapore’s eCommerce market is estimated to hit $5 billion this year. The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses.
“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.”
The announcement utilses figures from the bank and state that its consumers pay online retailers directly on their mobile devices from deposit accounts; such transactions have grown 4.5 times year-on-year, via QR code payments on OCBC’s mobile app.
Seth concluded: “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.”
