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Payments Network Rapyd Adds PromptPay Capabilities For Google In Thailand

Global FinTech startup Rapyd announced on Tuesday (Aug. 10) that Thailand’s Google Play users will now have access to PromptPay payments, starting from August 2021.

According to the announcement, the experience is made possible via the company’s prior partnership with GB Prime Pay, a leading Thai payment solution provider. The deal will give local Android users and content providers access to a full range of premium digital content on Google Play Store that supports PromptPay payments, with the ability to make in-app purchases for music, movies, games, and video streaming, among other content purchases.

This is not Rapyd’s first foray into the Thai market. The company recently launched its ‘all-in-one’ payment capabilities, and in addition to partnering with GB Prime Payment, it has signed deals with other Thai payment solution providers to make local payment options like international and local cards, bank transfers, eWallets and cash over the counter available to consumers.

The partnership with interbank mobile platform PromptPay is another opportunity for Rapyd to cement its foothold in the Southeast Asian country. PromptPay is Thailand’s leading payment method and as of September 2020, the platform had accumulated over 55 million registered users, close to 80 percent of the country’s population.

PromptPay enables users to make real-time payments or transfer funds using a mobile number or national ID, and in the four years since its launch in 2017, the platform has experienced significant growth, registering 20 million transactions a day.

According to Rapyd’s Vice President for Asia Pacific Joel Yarbrough, Android users in Thailand will benefit from Google’s consumer-centric approach and innovative products through this deal. “We believe Thai consumers will appreciate the ease of buying their favorite digital products on Google Play with PromptPay,” he said in the announcement.

Related news: Rapyd To Step Up FinTech-as-a-Service Offerings With $300M In New Funding

With increasing cash injections, the firm continues to expand with a key focus on the Asian region and Thailand. As PYMNTS reported last week, Rapyd completed a $300 million Series E funding round led by Target Global, after securing a $300 million in Series D funding in January this year.

Read more: Rapyd To Acquire Valitor For $100M To Expand Omnichannel Payments

The startup also recently acquired Icelandic payments solution firm Valitor from Arion Bank for $100 million, a move that will enable it to expand its omnichannel payments. In July, the company said the acquisition of Valitor, considered one of Europe’s payments leaders, will “empower customers from any industry to streamline integration of omni-channel payments, expand into new markets, flatten FX fees, unlocking revenue and growth potential that would otherwise be inaccessible to them.”

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