MALAYSIA, SHAH ALAM – Razer Merchant Services (RMS), the B2B arm of Razer Fintech, today announces it has become the first Merchant Acquirer to enable all three channels for PayNet’s Real-time Payments Platform, DuitNow. The payment channels include DuitNow QR, Cross-Border QR payments, and DuitNow Online Banking/Wallets, which RMS has enabled for online e-commerce and offline physical merchants.
QR enabled payments are experiencing unprecedented momentum in emerging markets and are accelerating movements away from cash in the ‘new normal’, according to a report by McKinsey & Company. Currently, the widely accepted DuitNow QR Codes are limited to local participating banks’ e-wallets, while Cross-Border QR codes with DuitNow QR will enable real-time instant payments for retail and e-commerce merchants based in Malaysia from tourists using their respective foreign banks or e-wallets applications. RMS merchants can expect a further extension of their business’ reach as cross-border payment linkages with surrounding Southeast Asian countries such as Indonesia and Singapore are scheduled after Thailand.
“Razer Fintech and our B2B arm, RMS, are excited to be the first Merchant Acquirer to enable all three Duitnow payment channels, further cementing our leadership in delivering new payment product features, in partnership with Paynet. We are very proud to enable these developments with PayNet’s Real-time Payments Platform for our regional and global merchants from both online and offline verticals. In times where physical contact needs to be limited, these developments will accelerate payment conversions and will be an effective contactless alternative to cash payments for both merchants and customers.” said Lee Li Meng, CEO of Razer Fintech.
“PayNet is delighted to have Razer Merchant Services as our DuitNow QR participant. RMS is among the earliest to adopt cross-border QR payments. With its large base in Malaysia, we are confident RMS’ merchants will reap more benefits of going cashless once cross-border QR payments acceptance from foreign visitors is enabled.” said PayNet Malaysia’s Director of Retail Payments Services, Mr. Khairuan Abdul Rahman.
One of RMS’ merchants, Doctor2U, will vastly benefit from Cross-Border QR with DuitNow QR when accepting payments from foreign visitors into Malaysia. Doctor2U, who is BP Healthcare Group’s homegrown technology arm, had previously set up a state-of-the-art Covid-19 screening facility at the Kuala Lumpur International Airport (KLIA) with a capacity of screening 45,000 travelers daily.
As digital payments accelerate, local customers can also look forward to a better customer experience with DuitNow Online Banking/Wallets. The service provides a more seamless e-commerce or m-commerce check out experience by enabling simple redirection to customers’ Online Banking or e-wallets app where instant payments can be made with over 40 Banks and e-wallets on board with more expected to join by the first half of 2022. DuitNow Online Banking/Wallets will be a development to link online banking and e-wallets to provide convenience for customers on merchant applications, through application-to-application payment verifications and significantly reduce payment friction and cart abandonments.
RMS aims to enable 3,000 physical offline acceptance points with DuitNow QR and Cross-Border payments with DuitNow QR by 2022. In the same period, RMS will onboard 1,000 online merchants with the full suite of DuitNow QR, Cross-Border QR, and DuitNow Online Banking/Wallets through a simple Application Programming Interface (API) integration with RMS. The DuitNow payment solutions will enable businesses to accept payments with just a single unified QR that allows interoperability between participating banks and e-wallets.
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, 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 fulfilment of e-commerce purchases, distribution of third-party point-of-sale activation (POSA) cards, and merchant acquiring services for third-party e-wallets.
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ABOUT PAYMENTS NETWORK MALAYSIA SDN BHD (PAYNET)
PayNet is Malaysia’s premier payments network and central infrastructure for financial markets. We innovate, build, and operate world-class payment systems and financial market infrastructures that safely, reliably, and efficiently enable the functioning and development of Malaysia’s financial system as well as the economy as a whole. Bank Negara Malaysia (BNM) is PayNet’s single largest shareholder, with eleven Malaysian’s Banks as joint shareholders.