Curlec By Razorpay Joins PayNet As Latest Member, Adopts DuitNow

Alex Cheong Pui Yin

26th October 2023 - 2 min read

Payments solution provider Curlec by Razorpay announced that it has become a member of Payments Network Malaysia (PayNet), Malaysia’s national payments network and infrastructure. With this, Curlec – which helps Malaysian businesses to accept and process transactions from their customers – will now be able to adopt the DuitNow product suite, enabling its own merchant clients to make and receive real-time payments from bank accounts and e-wallets.

By becoming the newest member of PayNet since 2019, Curlec hopes to help drive the adoption of real-time, seamless payment processing among businesses in Malaysia. “We want to serve merchants better with more upcoming innovations via a direct payment scheme with PayNet instead of having to go through multiple third parties. Besides that, we are here to also serve the national agenda to drive more digital payments and transactions,” said the co-founder and chief executive officer of Curlec, Zac Liew.

Prior to adopting the suite of DuitNow services, Curlec was already offering its own solution, the Curlec Payment Gateway, which drew from innovations that the Razorpay Group – a Bengaluru-based payment gateway provider – built for real-time payments in India, the Unified Payment Interface (UPI). This was made possible after Razorpay acquired a majority stake in Curlec back in February 2022 for over US$19 million, and ultimately helped Curlec to expand from a service provider offering recurring payments solution to its current position as a full-stack payment gateway.

Meanwhile, chief commercial officer of PayNet, Gary Yeoh said that Curlec is a welcome addition to the momentum as Malaysia strives to enable more digital finance solutions moving forward. “Digital transactions per capita have more than quadrupled, hiking from 49 in 2011 to over 221 in 2022. With expectations that the number will reach over 400 by 2026, Curlec’s adoption of DuitNow is another ship lifted on the rising tide of digital payments,” he said.

Curlec, which is regulated by Bank Negara Malaysia, currently services more than 1,000 businesses, including notable brands like Tune Protect, CTOS, Mary Kay, and The National Kidney Foundation.

(Source: The Edge Malaysia)

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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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