Razer Merchant Services (RMS) partnered with Payments Network Malaysia (PayNet) to launch the MyDebit Tap-On-Phone (TOP) feature on the RMS Virtual Terminal (RMS VT) mobile application.
In English, it means that we, the customers, can now pay using our contactless payment cards (like a MyDebit or credit card) if the merchant uses the RMS VT app on their phone, by just tapping it on the back of the device.
With this new feature, smaller merchants can accept MyDebit payments from approximately 21 million ATM cardholders without incurring rental and monthly maintenance fees for card payment terminals.
The RMS VT app also supports face-to-face and remote transactions via online payment links and a vast variety of other payment options, including PayNet’s DuitNow QR.
RMS VT’s mobility will simplify how RMS merchants receive payments at a fraction of the usual cost. We are very excited to help more small and medium businesses grow with just a tap on their phone.
Lee Li Meng, CEO of Razer Fintech
According to a report by McKinsey & Company contactless payments surged 60% across Asia during the COVID-19 crisis.
