Fintech-as-a-Service company Rapyd has launched a new Masterscard payment card for real estate salespersons (RES) of ERA Singapore in partnership with Singapore-based financial solutions provider LytePay.

The card, dubbed Lyte Talent Card, was launched as part of its new business wallet LytePay for the RES of the real estate agency.

Lyte Talent Card is powered by Rapyd’s card issuing abilities and enables RES to use their commissions anywhere Mastercard is accepted.

They can also use the card to track and pay for their business and marketing expenses including paying for listing fees on property marketing platforms and staging a client’s home for viewing.

LytePay, the business wallet, allows RES to access their sales commissions, gain insights into income data, and invoice clients. They will also be able to contribute to retirement funds, purchase health insurance and more, using the wallet, in the coming months.

RapydAsia Pacific vice-president Joel Yarbrough said: “Our Card Issuing platform helps innovators like LytePay and ERA create opportunities for new user segments in a simple and innovative way.

“Making income available more quickly is always great, but it is particularly essential now, during the pandemic. We are excited to be a part of speeding up funds to property agents through our partnership with LytePay.”

The end-to-end card management services, including activation, funding, card replacements, and card reissuing, will be provided by Rapyd’s Issuing solution.

Additionally, it will provide a single point of access for reconciliation and settlement to enable LytePay to minimise its back-office payments administration.

LytePay co-founder Dennis Goh said: “By using data science and fintech, we want to help all property agents make more money and live more assured lives. We choose Rapyd to be our partner to fulfil this vision with their technology and geographic coverage, and we are proud to be able to impact lives with ERA across the region.”

Mastercard Asia Pacific executive vice-president of Digital and Emerging Partnerships & New Payment FlowsRama Sridhar said: “Mastercard is proud to be collaborating with Rapyd in developing this innovative new solution to drive faster commission payments within the real estate market.

“Combining Mastercard’s global payments network with Rapyd’s digital payment solutions for freelancers and SMEs is a model example of how collaborations across the payments ecosystem unlocks new financial possibilities for people and businesses.”