Razer Becomes First Merchant Acquirer To Enable Full Suite Of DuitNow Payment Channels

Alex Cheong Pui Yin

29th December 2021 - 2 min read

Razer Merchant Services (RMS) revealed that it has enabled the full suite of payment channels on PayNet’s DuitNow real-time payments platform, consisting of DuitNow QR, DuitNow QR Cross-Border, and DuitNow Online Banking/Wallet. This makes it the first merchant acquirer to support all three channels, with the aim of providing more convenience and versatility for its network of merchants.

According to the chief executive officer of RMS’s parent company Razer Fintech, Lee Li Meng, this latest development is a timely one. “We are 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,” he said.

To clarify, DuitNow QR is Malaysia’s national QR standard that allows consumers to pay using any participating mobile banking apps or e-wallets. For merchants, they will only need to display only one QR code to accept payments from any participating entities, thereby reducing confusion. According to a statement from RMS, however, DuitNow QR is currently limited only to the apps of local participating banks.

Meanwhile, DuitNow QR Cross-Border allows customers from foreign countries to conveniently make real-time payments to Malaysian merchants – both offline and online – using mobile banking apps or e-wallets from their respective countries. Malaysia has currently enabled cross-border payments for Thailand, and are in the midst of forming linkages to Indonesia, Singapore, and the euro area. If successful, RMS – as one of the earliest to adopt this particular DuitNow payment channel – is set to benefit.

Finally, DuitNow Online Banking/Wallet is a secure online payment solution that allows instant debiting of customer’s internet banking account or e-wallet, as well as direct crediting into a merchant’s account. Over 40 banks and e-wallets have come onboard for this service, with more expected to join by the first half of 2022.

Following this update, RMS said that it aims to onboard 1,000 online merchants with the full suite of DuitNow payment channels by 2022. In addition to that, it also hopes to enable 3,000 physical offline acceptance points with DuitNow QR and DuitNow QR Cross-Border during the same period of time.

(Source: The Sun Daily)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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