Razer Merchant Services, the first merchant acquirer to enable DuitNow QR, cross-border QR and online banking / wallets for merchants | Taiwan News

0

Razer Merchant Services is the first merchant acquirer to enable PayNet’s real-time retail payment (RPP) platform to enable its merchants to accept domestic and cross-border QR payments.

SHAH ALAM, MALAYSIA Media reach – December 28, 2021 – Razer Merchant Services (RMS), the B2B arm of Razer Fintech, today announces that it has become the first Merchant Acquirer to enable all three channels for PayNet’s real-time payment platform, DuitNow. 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.

According to a report by McKinsey & Company, QR-enabled payments are enjoying unprecedented momentum in emerging markets and accelerating the abandonment of cash into the “new normal.” Currently, widely accepted DuitNow QR codes are limited to e-wallets of local participating banks, while cross-border QR codes with DuitNow QR will enable instant real-time payments for Malaysia-based retail and e-commerce merchants by tourists using their respective codes. foreign banks or electronic wallet applications. RMS merchants can look forward to further expansion of their business reach, as cross-border payment links with neighboring Southeast Asian countries such as Indonesia and Singapore are expected after Thailand.

“Razer Fintech and our B2B arm, RMS, are delighted to be the first merchant acquirer to enable all three Duitnow payment channels, further strengthening our leadership in delivering new payment product functionality, 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 in both online and offline verticals. At a time when physical contact must be limited, these developments will accelerate payment conversions and provide an efficient contactless alternative to cash payments for merchants and customers, ”said Lee Li Meng, CEO of Razer Fintech.

“PayNet is delighted to have Razer Merchant Services as a DuitNow QR participant. RMS is one of the early adopters of cross-border QR payments. With its large base in Malaysia, we are confident that RMS merchants will reap more benefits from cashless once crossed – acceptance of QR payments at the border from overseas visitors is enabled. ” said PayNet Malaysia’s retail payment services manager, Mr. Khairuan Abdul Rahman.


One of RMS’s merchants, Doctor2U, will greatly benefit from cross-border QR with DuitNow QR when accepting payments from overseas visitors to Malaysia. Doctor2U, which is the technology arm of the BP Healthcare group, previously set up a state-of-the-art Covid-19 screening facility at Kuala Lumpur International Airport (KLIA) with a screening capacity of 45,000 travelers per day.

As digital payments accelerate, local customers can also expect a better customer experience with DuitNow Online Banking / Wallets. The service provides a more seamless e-commerce or m-commerce payment experience by enabling simple redirection to customers’ online banking or e-wallet application, where instant payments can be made with over 40 banks and wallets. electronics on board with more expectations. to be reached by first half of 2022. DuitNow Online Banking / Wallets will be a development to link online banking and electronic wallets to provide customers with the convenience of merchant applications, through application payment verifications application and significantly reduce payment frictions and cart abandonments.

RMS aims to activate 3,000 physical offline acceptance points with DuitNow QR and cross-border payments with DuitNow QR by 2022. During the same period, RMS will integrate 1,000 online merchants with the full suite of DuitNow QR, Cross-Border QR and DuitNow Online Banking / Wallet services via simple application programming interface (API) integration with RMS. DuitNow payment solutions will allow businesses to accept payments with a single unified QR that enables interoperability between participating banks and electronic 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 into 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 fiscal 2020, with its B2B arm, Razer Merchant Services (“RMS”) a major contributor to this figure. Fiscal 2020 TPV represents a 104.4% year-over-year increase and a compound annual growth rate (CAGR) of over 70% since fiscal 2018. RMS, a business-to-business (B2B) solution ) encompassing leader:

· RMS Online: Card processing gateway supporting global pattern cards and over 110 payment methods, powering online payments for leading global and regional merchants on SEA.

· RMS Offline: SEA’s largest offline payment network with over one million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telecom top-ups), over-the-counter payment services including fulfillment of online purchases, distribution of point activation cards third-party sales (POSA); and merchant acquisition services for third-party electronic wallets.

For more information, please visit our here.

Merchants interested in online payment services, please email us at Social media icon[email protected]. Merchants interested in offline top ups, please email us at Social media icon[email protected]

#RAZERFINTECH

ABOUT THE MALAYSIA SDN BHD PAYMENTS NETWORK (PAYNET)

PayNet is Malaysia’s premier payment network and central infrastructure for financial markets. We innovate, build and operate world-class payment systems and financial market infrastructure 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 the largest shareholder of PayNet, with eleven Malaysian banks as joint shareholders.

The sender is solely responsible for the content of this advertisement.

Share.

About Author

Comments are closed.