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Rapyd to launch cashless payments platform in Singapore

Rapyd, a London-based startup fintech, announced the launch of a Singapore payments platform that will help enable cashless transactions for businesses and consumers. 

The firm, which received a remittance license from the Monetary Authority of Singapore last month, said it will roll out a comprehensive payments platform that will allow a range of bank transfers, conversion of cash to digital payments and expand the use of e-wallets like GrabPay and OCBC Pay Anyone. 

"Singapore has a wide mix of new payment methods that have emerged on the market in the last several years — some directly driven by government and local banks like real time payments and some emerging more organically, like e-wallets," Joel Yarbrough, vice president for Asia Pacific at Rapyd, said in the press release. 

He said Rapyd's Singapore Platform will allow businesses to offer all the various types of digital payment methods to customers without the need to do multiple technical integrations with each partner.

"Instead with a single integration to Rapyd, you get the full integration of the most popular local payment methods in Singapore, with one contract, one way to manage the payments, one reconciliation process and one financial settlement," he said. 

The platform will allow real-time payments using the FAST, PayNow or PayNow QR systems; kiosk payments via AXS or SAM machines; mobile payments using FOMO Pay; Visa and Mastercard payments as well as other digital transactions. 

Cover image: iStock.