Payments platform Rapyd and AI-powered consumer shopping app nate have partnered to expand their e-commerce reach and global offering.
Rapyd’s payments network and FinTech as a service platform allows businesses and consumers to engage in local and cross-border transactions.
The partnership will see Rapyd provide the payment stack and global infrastructure supported by their Collect, Disburse, and Wallet platforms, enabling nate to develop additional services, deploy their Buy Now, Pay Later (BNPL) capabilities and expand internationally.
Headquartered in New York, nate is a venture-backed AI startup that allows users to purchase any item without having to fill out payment and shipping information, removing the friction from the online buying process.
According to research from DigitalCommerce360, digital commerce accounted for nearly 24% of all US retail sales in the first half of 2021. Digital’s share of total retail sales looks set to continue on an upward trajectory.
The companies believe that the partnership with Rapyd, will allow nate to grow globally with consumers in more than 100 countries and will be able to eventually checkout with up to 900 different local payment methods including local debit cards, ewallets, bank transfers and even cash.
Albert Saniger, CEO of nate, said, “Consumers deserve a consistent, seamless, and private experience when making purchases. And merchants deserve to focus on what they do best, rather than worry about an increasingly complex and expensive stack. Deepening our partnership was a no-brainer, and a win for the entire industry.”
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