Singapore fintech LytePay, Rapyd launch e-wallet for ERA Realty agents

Real estate salespersons will now be able to instantly use their commissions.

Singapore-based financial solutions provider LytePay and fintech-as-a-service company Rapyd has jointly launched a business wallet for local-based real estate salespersons of agency ERA Realty Network Singapore, an announcement revealed.

The business wallet, which will also be known as LytePay, enables real estate salespersons (RES) to instantly cash out their sales commissions. Typically, RES salespersons have to wait two to six months after a deal’s closure to receive their commission payouts.

They can also use the app to gain insights into income data, invoice clients, and in the coming months, contribute to retirement funds, purchase health insurance and more, the joint release stated.

This is the first such service for real estate agents in Southeast Asia, according to Rapyd and LytePay.

The business wallet also comes with a payment card powered by Rapyd’s Card Issuing capabilities. Called Lyte Talent Card, it enables RES to use their yet-to-be-paid commissions anywhere Mastercard is accepted.

Agents can also track and pay for their business expenses such as staging a client’s home for viewing and paying for listing fees on property marketing platforms. In addition, agents spend a significant amount on transportation, gifts and marketing collaterals.