Singapore's OCBC Bank has joined forces with 'fintech-as-a-service' platform Rapyd to build an instant mobile payments service.
The partnership taps PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make digital payments using its Pay Anyone app powered by Rapyd’s Checkout payments tech for e-commerce.
OCBC says that customers are increasingly choosing to pay retailers directly from their deposit accounts via mobile phones. Among its customers, such transactions have grown 4.5 times year-on-year, thanks to QR code payments on the OCBC app.
But today most online retailers only give consumers the option to check out using credit or debit cards. The new partnership plans to change this, letting customers directly access their bank account funds by clicking a 'Pay with OCBC Pat Anyone' option within a retailer's app.
Payment details such as the retailer name and amount to be paid will then automatically populate in OCBC Pay Anyone, which the customer simply needs to review and confirm before authenticating the transaction biometrically.
This, say the partners, makes like easier for the customers but also benefits retailers who can receive payments immediately, giving them faster access to their working capital.
Pranav Seth, head, e-business, business transformation and fintech and innovation group, OCBC, says: "The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses."