India’s diverse payment ecosystem has grown quickly to become one of the most vibrant in the world, with a large number of payment options, an industry-leading real-time payments platform UPI (Unified Payment Interface), a dozen major eWallets, local Rupay and international card schemes, and a lingering love affair with cash.
Rapyd recently conducted its 2020 APAC eCommerce and Payments Study among Indian online consumers asking about payment methods they use and those they prefer, as well as their appetite to adopt new technologies, which showed that payment preferences are hugely diversified, with respondents using a diverse mix of international and local payment brands: Paytm (85%), Visa Credit Card (83%), Google Pay (77%), NEFT (74%), Amazon Pay (66%), PhonePe (57%), and others. When asked, however, what method they preferred, 51.2% chose eWallets (including Paytm, Google Pay, Amazon Pay), all of which support UPI under the covers, and 11.9% preferring bank transfers themselves, 28% cards, and 5.9% cash.
Through extending Rapyd’s Global Payments Network to India, international merchants can now access India’s preferred payment methods through a single technology stack, enabling them to go “local” for the India audience, both collecting from buyers and making payments to suppliers and partners using India’s preferred methods.
Rapyd brings to India:
- Rapyd Collect – a platform that allows businesses to accept payment in the form of:
- Instant UPI payments from bank accounts and eWallets;
- International and domestic credit and debit cards: RuPay, Visa, Mastercard, Amex, and Diners;
- Cash over-the-counter in stores, converted to an electronic payment;
- eWallet payments from India’s most popular wallets, including Paytm, PhonePe, and more;
- Traditional Netbanking via 55 banks,
- Rapyd Disburse – a solution that enables sending payments via:
- IMPS and UPI payments to bank accounts and eWallets;
- Cash pickup over-the-counter;
- Traditional Bank transfers by NEFT.
Accelerating Growth of Indian Companies Overseas
In addition, Indian businesses will be able to access the Rapyd Global Payments Network, which allows them to easily do business overseas and:
- Collect funds abroad with over 900 locally preferred payment methods in over 130 countries,
- Repatriate funds to India, and
- Make outbound payments to suppliers in over 160 countries via Rapyd Disburse.
“The roll-out of Rapyd’s Fintech as a Service platform in India will simplify access to India’s strongest payment brands in a single solution, solving scaling challenges in eCommerce, Fintech, lending, business services, and treasury management,” says Mahesh Muraleedharan, Country Manager, Rapyd.
“We can give our customers access to faster, and truly borderless innovation, accelerating their time-to-market and helping India’s digital innovators to grow in India and beyond, and removing the complexities of managing product, tech, compliance, and operations,” he added.
Satish Kumar Gupta, MD & CEO, Paytm Payments Bank said, “We are happy to collaborate with Rapyd as their Business Banking and Payout partner in India. With this partnership, we will extend the convenience & flexibility of multiple payment modes, including Paytm Wallets, Bank Transfers and UPI to global businesses for collecting & disbursing payments to their sellers, customers and partners. Our comprehensive digital offerings will enhance Rapyd’s seamless payment experience.”
Sudhir Sehgal, Country Head – Enterprise Business at PayU said, “We are extremely delighted to partner with Rapyd, one of the world’s leading global payment networks, to help their global merchants enhance their business operations in India through our seamless payment collection services. We consider Rapyd to be an extremely valuable partner of PayU and are excited to be part of their journey in India.”
Rapyd India Solidarity Programme
Responding to the uncertainties and “new-normal” brought about by the COVID-19 pandemic, Rapyd is also supporting Indian businesses to quickly accept online payments, serve stay-at-home customers, and reduce their business costs with the limited-time Solidarity Programme.
This initiative includes a full fee waiver (i.e. zero onboarding fee, 0% Merchant Discount Rate and zero fixed fees) on the first INR 50 Lakh in total processing volume for all India-based businesses that complete their onboarding with Rapyd from now until 30 August 2020.
This initiative, fully funded by Rapyd, will:
- Help Indian businesses go cashless more quickly
- Increase the operational resilience of businesses
- Enable businesses to start selling internationally at low cost
- Ensure businesses get paid quickly and redeploy their working capital instantly
- Help businesses make real-time payments to suppliers and delivery personnel
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, United Kingdom in June 2020 and Mexico earlier in July 2020. Prior to that, in October 2019, Rapyd raised US$100 million in its Series C round, led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, Durable Capital, and Entrée Capital.
For more information on Rapyd India capabilities and India Solidarity Programme, visit go.rapyd.net/india.
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd’s unparalleled payments network and fintech as a service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, and TaL Capital. To learn more about the company that is accelerating the fintech as a service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.
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