Traditionally, online transactions are completed by providing debit and credit card details online through net banking. And while technology kept improving, various security issues remained, making the payment experience anything but user-friendly. With more and more users turning to online purchases, there was improvement to be made in a world relying on card transactions.
According to Nasdaq, the concept of a digital wallet, or eWallet, was first introduced in the late 1990’s with PayPal, the first software solution that allowed users to store their card information for repeated purchases. By 2021 alone, the eWallet will have taken over 51% of the e-commerce market in the Asia-Pacific, overshadowing credit card use for the first time ever. By increasing the speed of transactions, putting fears of fraud to rest, and expanding access to demographics previously excluded from online purchasing, eWallets are opening doors for e-commerce and contributing to higher activity and profit. Rapyd, the payment solutions for global market expansion, recognizes this change and is working to provide the necessary service for its audience.
Rapyd’s goal is to lead the digital payment space by creating a cardless financial network via mobile phone. With only the use of a single API, Rapyd allows its end-customers to make digital payments across more than 105 countries, and in more than 70 currencies. According to Arik Shtilman, Rapyd’s CEO, “only 6 percent of the world’s population has a credit card and the Rapyd API is designed to help merchants serve the other 94 percent of the world”. By enabling digital cash transactions, cash deposits, withdrawals and payments become completely cardless. A space that is completely cardless is only made possible with the support of a global network, which Rapyd provides for with over 1 million access points including ATMs, self-service kiosks, and retail stores.
Rapyd allows enterprises of any size to become global overnight. That’s not all, though. Enterprises that are already global can also accelerate their growth by reaching a new audience of consumers. Rapyd, in turn, will continue to recruit new infrastructure partners (ATM networks, banks and retail locations), and to expand its customer base that consists of e-commerce platforms, gig economy companies, digital wallets, remittance companies, and online banks. So how does Rapyd afford these extensive services? With transaction fees, of course, as with many other similar products, there are different fees for each service including disbursement, eWallet management, and digital KYC.
Of course, as we continue to see technology and security improve, hackers and masters of the dark web similarly increase their capability of retrieving private information. Can Rapyd’s cardless financial network survive the treacherous war between security and fraud? It’s up to Rapyd to ensure there are no loopholes in the system and its customers’ private banking information is stored safely.