RAZER Merchant Services (RMS), the business-to-business (B2B) arm of Razer Fintech, has attained the Mastercard direct acquiring license, Mastercard digital enablement service (MDES), and click to pay (C2P) feature in Malaysia yesterday (Nov 30).
This enables RMS’ merchants to seamlessly connect to Mastercard products and solutions.
“Through this collaboration, RMS is proud to empower online merchants in Malaysia with full access to millions of Mastercard cardholders,” commented Razer Fintech CEO Lee Li Meng.
“Our team continues to work closely with Mastercard to ensure that we can replicate the swift card scheme on-boarding and secure payment processing for all our merchants across Southeast Asia. We intend to extend our card scheme capabilities to other countries as well as we continue to scale across the region.”
Moreover, Mastercard’s payment solutions will be accessible to RMS merchants across various industry verticals, including market traders, hawkers, e-hailing, e-sports, on-demand services, government, and education partners, with the card scheme enabling merchants to offer card payments supported by seamless on-boarding and security.
The partnership takes place at a time where consumers are increasing their usage of e-payments to pay for goods and services.
According to Bank Negara Malaysia (BNM), e-payment services recorded a growth of 30.2% with 7.2 billion transactions in 2021 up from 5.5 billion in 2020. This increase is double than the pre-pandemic period of 2015 to 2019.
On average, a consumer made 221 e-payment transactions in 2021, up from 170 transactions in 2021 with contactless and online transactions continuing to drive e-payment growth.
Meanwhile, Mastercard country manager for Malaysia and Brunei Been Pothen described the partnership as key to Mastercard which seeks to continually enhance e-payments acceptance among merchants with Razer Fintech.
“Through this, Mastercard can further support its network of merchants to capitalise on opportunities to grow and scale in Malaysia’s growing e-commerce market including underserved segments such as market traders and hawkers,” he pointed out.
“Additionally, the partnership elevates the payment experience for consumers by ensuring greater convenience, choice, security and peace of mind.”
Over the longer term, this further underscores Mastercard’s commitment to deliver advanced technology, timely innovations, and solutions to ensure Malaysian businesses are empowered and financially able to drive usage of e-payments in line with the nation’s cashless agenda as a digital economy.
Furthermore, RMS holistic card scheme payment ecosystem will also be further enhanced with its offerings to SME and micro businesses through the RMS virtual terminal (VT) mobile application which turns merchant smartphones into payment terminals.
The VT application will seamlessly deploy contactless card payment acceptance through the “tap-on-phone” technology to ensure its current merchant base of 40,000 QR payment touchpoints can accept payments conveniently. — Dec 1, 2022
