Rapyd and OCBC offer Singapore’s first instant mobile payments solution
Leveraging Singapore’s national peer-to-peer funds transfer service PayNow, the partnership will allow OCBC Bank customers to pay online retailers directly from their deposit accounts via the OCBC Pay Anyone app, powered by Rapyd’s new Checkout payments solution for e-commerce.
This will enable merchants to receive payments instantly, rather than waiting up to three days to receive money from credit or debit card-based payments.
Consumers will have more payment options at online retailers’ checkouts and will not have to navigate out of the retailer’s app, reducing the time and complexity of the direct bank payment process.
Pranav Seth, head of e-business, business transformation and fintech and innovation group at OCBC Bank, says Singapore’s e-commerce market is estimated to hit $5 billion this year.
He adds: “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. This is a key milestone in our journey to drive digital payments adoption across Singapore.”
Joel Yarbrough, vice president, Asia Pacific at Rapyd, says: “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.”
Research suggests the value of real-time payments globally is expected to grow from $6.8 billion in 2018 to $25.9 billion in 2023.