Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has become the first Merchant Acquirer to enable all three channels for PayNet’s Real-time Payments Platform, DuitNow.
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.
“These developments will accelerate payment conversions and will be an effective contactless alternative to cash payments for both merchants and customers,” says the CEO of Razer Fintech Lee Li Meng.
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.
RMS aims to enable 3,000 physical offline acceptance points with DuitNow QR and Cross-Border payments with DuitNow QR by 2022.
