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. 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 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.
One of RMS’ merchants, Doctor2U, will vastly benefit from Cross-Border QR with DuitNow QR when accepting payments from foreign visitors into Malaysia. It 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 appwhere 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.
“Razer Fintech and our B2B arm, RMS, are excited to be the first Merchant Acquirer to enable all three Duitnow payment channels. 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, Khairuan Abdul Rahman.
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.