Financial institution restructuring partner Collectius has announced the expansion of existing digital payment capabilities for its customers in Singapore and Thailand through the integration of Rapyd, a global payment network.

Through Rapyd’s payment network integration into Collectius’ self-service portal, the digital payments capabilities offered to customers in both countries will be further broadened, easing the repayment process for debts.

Customers will be able to enjoy 24/7 payments access via their preferred methods, such as debit card, bank transfer or bank re-direct via supported local banks, and e-wallets. These include commonly used local payment methods in Singapore and Thailand, such as mobile banking, Prompt Pay QR, PayNow QR and Fast and Secure Payments (FAST).

Real-time payments in Singapore are projected to grow to represent 11.3% of all transactions by 2025, up from 4.9% in 2020, and Thailand ranks top in the world for the most number of internet users using banking and financial services applications via mobile platforms, according to industry sources.

“This integration will further enhance the convenience and ease of repayment through our online self-service portal, making it more seamless and effortless for our customers when they make repayments,” says Gustav A. Eriksson, group CEO at Collectius. “This will also allow us to free up more of our resources, rechannelling them to focus on improving our customer service.”