Rapyd, LytePay bring digital wallet, payment card to Singapore real estate operations
Fintech software provider Rapyd and LytePay, a payments provider for self-employed workers, are partnering to launch a digital business wallet and accompanying Mastercard for real estate agents in Singapore.
The more than 7,200 agents for ERA Singapore would use the business wallet, also called LytePay, to access sales commissions, obtain client data, deliver invoices and, in the coming months, contribute to retirement funds, purchase health insurance and complete other business and personal tasks.
Agents using the branded Mastercard, called the Lyte Talent Card, can have sales commissions immediately put into the card account and make purchases anywhere Mastercard is accepted. They can also track and pay for their business marketing expenses, such as staging a client's home for viewing and paying for listing fees on property marketing platforms.
Users can also check real-time balances, transaction and refund history.
"Our card issuing platform helps innovators like LytePay and ERA create opportunities for new user segments in a simple and innovative way," Joel Yarbrough, vice president for Asia Pacific at Rapyd, said in a Thursday press release. "Making income available more quickly is always great, but it is particularly essential now, during the pandemic."
Rapyd says its fintech-as-a-service offers end-to-end card management, including activation, funding, card replacements and card issuing.
The platform allows LytePay to reduce administration of back-office payments by offering a single point on the digital wallet for reconciliation and settlement.
"Property agents in Singapore range from those who make a decent living to those are just making ends meet, and neither group gets access to financial services that employees or small businesses enjoy mainly because their income is variable," Dennis Goh, co-founder of LytePay, said in the release.
By using data science and fintech and partnering with Rapyd's technology and geographic coverage, LytePay seeks to help all property agents make more money to better their lives, Goh added.
The companies are leveraging Mastercard's Fintech Express service to drive faster commission payments within the real estate market.
"Combining Mastercard's global payments network with Rapyd's digital payments solutions for freelancers and small to medium enterprises is a model example of how collaborations across the payments ecosystem unlocks new financial possibilities for people and businesses," Rama Sridhar, executive vice president of digital and emerging partnerships and new payment flows for Mastercard Asia Pacific, said in the release.
In addition to ERA Singapore as the first to use the service, the companies say they are targeting the more than 30,000 other licensed real estate salespeople in Singapore with the LytePay service.