Rapyd to enable PromptPay payments for Thailand’s Google Play users


Today, Rapyd rolled out PromptPay on the Google Play Store, enabling Thailand’s national payment method to support app downloads and in-app purchases for games, music, movies, video streaming, books, magazines, and other content purchases from Google Play Store. Rapyd, a global Fintech as a Service platform supports local payments for Google in Thailand through its collaboration with GB Prime Pay, a leading Thai payment solution provider.

Launched in 2017, PromptPay is one of the most commonly used payment methods in Thailand. It allows its users to make real-time interbank mobile payments or transfer funds by linking the user’s bank account to the mobile number or national ID. As of September 2020, PromptPay reported 55.1 million registrants (out of a population of 69 million), with 20 million transactions a day. According to the Rapyd Asia Pacific eCommerce and Payments Report 2020, it was used by 37% of respondents at least once in the past month.

Google Play offers Android users and content creators a premium store with compelling content. In the Google Play store, users can find, enjoy and share their favourite digital content, managed on the cloud and available on any device. As Play continues to grow, more developers than ever are building successful businesses on Google, reaching new audiences and growing their revenue. The full range of premium content available in Google Play in Thailand will support PromptPay payments starting from August 2021.

“With the continued growth in mobile smartphone payments in Thailand, we are excited to support Google in rolling out PromptPay acceptance on Google Play Thailand. Google is known for always putting consumers front and center, and for driving innovation through convenience and superior technology. We believe Thai consumers will appreciate the ease of buying their favourite digital products on Google Play with PromptPay,” said Joel Yarbrough, Vice President for Asia Pacific, Rapyd.

Thailand is one of the focus markets for Rapyd in Asia. The company recently launched its ‘all-in-one’ payment capabilities in this market. By partnering with leading Thai payment solution providers including GB Prime Pay, Rapyd now provides local payment options like international and local cards, bank transfers, eWallets and also cash over the counter.


Rapyd Launches a Venture Arm to Propel Digital Commerce and Payment Innovation Globally

Rapyd, a global Fintech-as-a-Service company, announced today the launch of Rapyd Ventures, its new venture arm that will focus on investing in early and growth stage businesses that are delivering the next wave of financial services innovation. Rapyd Ventures will be led by Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific.

Rapyd Ventures will largely work with startups after their Seed round and through Series B funding that have unique market and customer insights and are expanding on existing market traction. In addition to capital, Rapyd Ventures will provide access to its extensive Fintech-as-a-Service capabilities and network of partners, offering startups strategic advice and giving them opportunities to move faster, expand more quickly, and accelerate their growth.

The venture arm will look at two types of projects:

  • Capability providers delivering core infrastructure in areas where the market is going, including identity and risk management, faster and more seamless money movement and embedded financial services;
  • End-user platforms that are directly providing innovative financial services to consumers and businesses around the world.

“The innovations that we are seeing in the payments industry are not evenly distributed. We believe we have a mission and responsibility to support companies building both the infrastructure for next generation financial services, as well as innovators building on top of these new capabilities around the world, and to accelerate their development,” said Arik Shtilman, CEO and co-founder of Rapyd. “Joel’s intimate understanding of the global Tech industry and his vast insight and experience in payment technology makes him the ideal person to lead our new venture arm. He knows where the industry is headed and how to build the technology necessary to get there. Just as he has pushed Rapyd forward, we are confident he can do the same for others in this space and the entire digital commerce ecosystem.”

“We are engaging with entrepreneurs around the world to create the enabling infrastructure for next-generation financial services and bring to the market new fintech products that create opportunities for individuals, small, and large businesses to transact with lower friction, more quickly, safely, and in new ways,” said Joel Yarbrough, MD of Rapyd Ventures and VP of Asia Pacific. “We believe that ‘FinTech’ will be built into all types of services, and we want to help bring to life a network of innovators and a rich set of new payment, identity, open banking, and embedded finance capabilities to make it happen.”