Fintech-as-a-service platform Rapyd today launched Rapyd Checkout, a hyper-local payments solution allowing merchants to accept over 500 local payment types including cash, bank transfers, local cards, and e-wallets, in 100-plus countries.

This follows the company’s $40 million Series B funding in February.

Helcio Nobre, Chief Product Officer at Rapyd, told Bank Innovation that Checkout allows merchants around the world to reach new customers by accepting the local payment methods they use every day, through a single drop-in integration.

“The merchants can apply their brand and their colors, and it can be treated as a kind of white-label solution,” Nobre said. “We want the merchants to control their brand and control their experience, but at the same time, we want to give them a quick solution that is cheaper to implement, quicker to implement, and provides access to all those hyper-local payment methods.”

Nobre, whose previous work experience included stints at Visa, PayPal and Facebook, and as an entrepreneur, joined Rapyd only a couple of months ago. He said the Checkout solution, which essentially abstracts local payment methods and brings them into the cloud, was exactly the type of product he had envisioned building if were to become an entrepreneur again.

“What we’re building can be the new Visa,” he said. “We can disrupt the market.”

Also see: ‘Fintech-as-a-Service’ Startup Rapyd’s $40 Million Series B Round Co-Led by Stripe

Asked how a merchant in one country receives payment in cash from a customer in another country, Nobre said there are several options that change depending on the country and the customer’s preferences. He said in some countries, the buyer can go to an ATM and put the cash payment in the ATM. In others, they can go to a convenience store or Walmart and give the money to the cashier along with a payment code.

“Different countries have different options, depending on their specific use cases in that country and user behavior in that country, and the network they’re connected to,” Nobre said. “Once the cash is into the system, the funds will be available to the merchant in a different country the next day. So, just like Visa does, you do the settlement and reconciliation at the end of the day and the funds would be available Day 1.”

According to Rapyd, just 6% of consumers, globally, pay with credit cards.

“The credit card market here in the U.S. is so prominent, in terms of credit card usage, but it’s not the same globally,” Nobre said. “Only 6% of the world’s population has credit cards. So it leaves an immense opportunity for businesses to leverage a solution that addresses the rest of the population not using cards.”

Checkout manages local regulatory and compliance issues and utilizes a single settlement and reconciliation process across multiple countries to one file with local payment methods supported in 170 currencies.

Nobre said Rapyd’s focus has been on large merchants, particularly in e-commerce, but there are also plans to address the needs of medium-sized merchants and small businesses with more of a self-service kind of product.

Founded in 2015, Rapyd is headquartered in the U.K. and has offices in London, Singapore, Silicon Valley, and Tel Aviv.

It’s worth noting that e-commerce giant Amazon and cross-border money movement company Western Union in February launched PayCode, a service that allows customers to pay for items from Amazon using local currencies. Customers in 10 countries where the service is currently available can go to Western Union outposts and pay for their Amazon purchases in cash, circumventing the need for payment cards or other virtual payment methods typically required to purchase items from Amazon.

The PayCode service is currently available in Chile, Columbia, Hong Kong, Indonesia, Kenya, Malaysia, Peru, Philippines, Taiwan and Thailand.