Rapyd has launched its payment capabilities in South Korea, with the fintech-as-a-service company now serving six major markets around the world.
Through partnerships with South Korean payment service providers such as KCP and PayLetter, Rapyd provides access to a robust and comprehensive suite of local payment options.
These include international and local cards (Hyundai Card, Shinhan Card, Samsung Card), mobile wallets (Kakao Pay, Samsung Pay, Toss, and PAYCO), bank transfers, vouchers, and carrier billing.
Rapyd also offers its all-in-one payment capabilities in Singapore, Brazil, the UK, Mexico and India.
Joel Yarbrough, vice president for the Asia Pacific at Rapyd, noted South Korea’s emergence as a trend-setter for digital payments in the region. According to eMarketer, the country is one of the world’s top five ecommerce markets by retail ecommerce sales volume, accounting for $113 billion sales in 2019.
Yarbrough said: “South Korea is setting many trends in Asia Pacific, and digital payments are not an exception. This market is seeing fast adoption of mobile wallets, such as Kakao Pay, and is incredibly rich in payment services. While competition is heating up and the market is becoming more segmented, the overall pie of Korean mobile payments keeps growing.”
“With the launch of Rapyd’s payment capabilities in South Korea, we are able to bridge the global eCommerce players to a vibrant and exciting Korean market opportunity, and create a truly native South Korean payment experience.”
Jaewook Noh, managing director of KCP, commented: “South Korea is one of the world’s most mature payment markets in the world, and we welcome an opportunity to collaborate with Rapyd and bring Korea closer to the global ecommerce ecosystem.”
“Our partnership is an example of ‘local going global’: it is an attestation of our commitment to building customer-centered experiences, while also supporting the growth of the global Internet economy.”