Razer Merchant Services, the First Merchant Acquirer to Enable DuitNow QR, Cross-Border QR & Online Banking/Wallets for Merchants
Razer Merchant Services is the first Merchant Acquirer to enable PayNet’s Real-Time Retail Payments Platform (RPP) full suite of payment methods to its merchants to accept domestic and cross-border QR payments.
SHAH ALAM, MALAYSIA - Media OutReach - 28
December 2021 - Razer
(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
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.
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
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
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.
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