Razer Merchant Services (RMS), the B2B arm of Razer Fintech, announced that it 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.
Currently, the widely accepted DuitNow QR Codes are limited to local participating banks’ e-wallets.
However, Cross-Border QR codes with DuitNow QR lets tourists use their foreign banks or e-wallets applications to make an instant payment to retail and e-commerce merchants based in Malaysia.
With this RMS merchants can expand their business to surrounding Southeast Asian countries such as Thailand and later Indonesia and Singapore.
DuitNow Online Banking/Wallets on the other hand would make transitions smoother by making check out experiences easier.
With it, instant payments can be made with over 40 Banks and e-wallets that are on board with more expected to join by the first half of 2022.
Meanwhile, RMS aims to install 3,000 physical offline acceptance points with DuitNow QR and Cross-Border payments with DuitNow QR by 2022.
At the same time, 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.
