Singapore-based OCBC Bank and Rapyd have formed a partnership that will leverage Singapore’s local P2P service plus Rapyd’s Checkout solution to power instant payments for local e-commerce purchases.
Rapyd will deploy its digital checking technology for e-commerce with PayNow, Singapore’s national P2P funds transfer service, enabling more than 3,000 eligible online retailers to receive funds instantly, the companies said in a Monday press release.
The move introduces a streamlined approach for online payments funded by bank accounts within Singapore’s $5 billion e-commerce market, the release said.
Consumers making a purchase through a participating merchant’s site with this process must select “Pay with OCBC Pay Anyone” within a retailer’s app, confirm the retailer and purchase amount and authenticate the transaction, according to the release.
“We are 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,” said Joel Yarbrough, vice president of Asia Pacific at London-based Rapyd, in the release.
“The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses,” Pranav Seth, head of e-business and the business transformation, fintech and innovation group at OCBC Bank, said in the release.
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