MALAYSIA, SHAH ALAM – Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with KK SUPER MART, Malaysians’ favorite one-stop convenience store, to enable Razer Cash for online Shopee purchases, in an effort to encourage e-commerce participation among the underbanked segments of Malaysians.
Razer Cash is an innovative payment option that e-commerce customers can utilize to make cash payments for their online purchases by getting the transaction codes scanned at RMS’ physical acceptance points, such as KK SUPER MART. The cash over the counter service is an effective, must-have payment option for retail stores, as it is a key driver of foot traffic to create potential sale conversions at the point of transactions. This collaboration between RMS and KK SUPER MART at the latter’s 540 outlets across Malaysia intends to make cash payments for e-commerce transactions accessible in rural and urban areas.
This offline to online (O2O) payment method encourages the financial inclusion of the unbanked segments in the Southeast Asian digital economy, which is expected to grow to over US$300 billion by FY2025, according to the Google-Temasek eConomy report.
“RMS’ collaboration with KK SUPER MART will expand the physical acceptance points and provide Shopee’s merchants access to potential customers who do not have credit cards or bank accounts. Razer Cash makes it possible for the underserved market demographics, including students, teens, foreign workers, and elders, to be able to participate in e-commerce activity, while helping merchants such as Shopee gain access to a wider and untapped customer base,” said Lee Li Meng, CEO of Razer Fintech.
“At Shopee, we are constantly looking for new ways to leverage our technology while enhancing convenience for all our users, no matter their preferred payment method. This partnership will increase accessibility for consumers in rural areas and provide those who are unbanked the chance to reap the benefits of e-commerce. As some businesses remain closed during these trying times, this partnership will also be helpful for them to provide access to necessities via our platform,” said Kenneth Soh, Senior Manager (Marketing), Shopee Malaysia.
“KK SUPER MART has always focused on customer convenience in every way possible and through this collaboration with RMS, it further adds to that value. With Razer Cash, we also hope to enable those in rural areas who prefer to use cash to shop online conveniently, as our 540 outlets nationwide provide the accessibility.” said Datuk Seri Dr KK Chai, Founder and Executive Chairman of KK SUPER MART & SUPERSTORE SDN BHD.
Starting now, Shopee users can pay for their orders using Razer Cash at KK SUPER MART outlets. To do so, users may check out their cart as usual on the Shopee App and under ‘Payment Option’, select ‘Cash Payment at KK-Mart’. After clicking ‘Place Order’, users will receive a Payment Slip Page with a barcode. This barcode can also be found within the ‘To Pay’ category, under ‘My Purchases’. Then head to the nearest KK SUPER MART, present the barcode at the counter, and pay for the e-commerce order in cash.
Additionally, to further ease future payments, Shopee users can also top up their ShopeePay accounts at KK SUPER MART. ShopeePay is an integrated mobile wallet that enables a seamless shopping experience by allowing users to make online payments on Shopee, transfer and withdraw funds, and make payments at thousands of offline merchants.
ABOUT RAZER FINTECH
Razer Fintech is the financial technology arm of Razer Inc (1337: Hong Kong). Established in April 2018, Razer Fintech has grown to become one of the largest O2O (offline to online) digital payment networks in emerging markets and has processed over billions of dollars in total payment value. Razer Fintech recorded a Total Payment Volume (TPV) of US$4.3 billion for FY 2020, with its B2B arm, Razer Merchant Services (“RMS”), a major contributor to the figure. The FY 2020 TPV represents an increase of 104.4% year-on-year and a Compound Annual Growth Rate (CAGR) of over 70% since FY2018. RMS, is a leading B2B (business-to-business) solution encompassing:
- RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global and regional blue-chip merchants in SEA.
- RMS Offline: SEA’s largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services (including Razer Pay top-ups and fulfilment of e-commerce purchases), distribution of third-party point-of-sale activation (POSA) cards, and merchant acquiring services for third-party e-wallets.
Shopee is the leading e-commerce platform in Southeast Asia & Taiwan. Shopee connects shoppers, brands and sellers across Asia and other fast-growing markets, empowering anyone to buy and sell anywhere and at any time.
Shopee offers an easy, secure, and engaging experience that is enjoyed by millions of people daily. It offers a wide product assortment, supported by integrated payments and logistics, as well as popular entertainment features tailored for each market. Shopee is also a key contributor to the region’s digital economy with a firm commitment to helping brands and entrepreneurs succeed in e-commerce.
Shopee is a part of Sea Limited (NYSE:SE), a leading global consumer internet company. In addition to Shopee, Sea’s other core businesses include its digital entertainment arm, Garena, and digital financial services arm, SeaMoney. Sea’s mission is to better the lives of consumers and small businesses with technology.
ABOUT KK MART
Established in 2001, KK SUPER MART is a 24-hour homegrown convenience chain store. The company’s vision is to make convenience a way of life everywhere we go. Currently KK SUPER MART has expanded to more than 540 outlets across the nation and even in India and Nepal. Being Malaysian’s favorite convenience store, KK SUPER MART strive to bring affordability and greater choices closer to our customers by offering up to 6,000 – 9,000 SKUs and variety of services such as bill payment. For further enquiries please visit our website at https://kkgroup.my/about-us or follow our official Facebook page, KK SUPER MART.