Razer Merchant Services Leverages Alipay+ to Expand Merchant Cross-Border Payment Offerings As Malaysian Borders Reopen
The collaboration will enable merchants in Malaysia and Singapore to accept more cross-border mobile payments seamlessly and access users of leading global digital payment methods.
SHAH ALAM, MALAYSIA - Media OutReach - 5 April 2022 - Razer Merchant Services (RMS), the B2B arm of Razer Fintech, announces the integration of Alipay+ solutions for more than 60,000 online and offline merchant touchpoints across Malaysia to expand its merchant offerings.Alipay+ will be implemented at payment touchpoints for RMS offline merchants from Malaysia's retail, business, and food & beverage sectors. These merchants, familiar with accepting payments made by Chinese visitors using Alipay, can now process cross-border payments made by a wider range of leading global e-wallets and mobile bank apps and gain access to over one billion global consumers with one single technical solution. Moreover, with one-time deployment, merchants can access all future digital payment methods supported by Alipay+.
Simultaneously, RMS has also integrated Alipay+ solutions for online merchants in Malaysia from the tourism, grocery, e-hailing, and Food & Beverage segments, including Riding Pink Sdn Bhd, the first all-women e-hailing application.
Introduced by Ant Group in 2020, Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach regional and global consumers. Leading e-wallets supported by Alipay+ include Touch 'n Go eWallet in Malaysia, Kakao Pay (Republic of Korea), GCash (The Philippines), AlipayHK (Hong Kong SAR, China) and more.
In 2020, Malaysia recorded 338 million mobile wallet transactions valued at USD 5.5 billion. A growth projection by Boku's Mobile Wallet Report [1] 2021, suggests it will reach 3.7 billion mobile wallet transactions valued at USD 28.2 billion in 2025. As e-wallet usage grows exponentially in Southeast Asia within the next five years, businesses offering a variety of e-wallets options will be able to cater to shifting consumer behavior in a rapidly evolving payment landscape.
In addition to the roll-out in Malaysia, efforts are also underway for RMS to implement Alipay+ solutions for its Singapore-based merchants later in the year.
"The growth of eCommerce around Southeast Asia has rapidly increased the adoption of e-wallets, and RMS is proud to be partnering with Ant Group to contribute to this expansion. We are proud to provide Alipay+ solutions for our merchants in Malaysia and Singapore and will continue collaborating with Ant Group to expand and provide the most comprehensive payments methods to all of our merchants across the region," said Lee Li Meng, CEO of Razer Fintech.
"We believe that innovative digital solutions are key to accelerating the digital transformation of the service industry. Alipay+ helps partners including RMS to connect local merchants with global digital payment methods through one simple integration, so that to ease cross-border payments pain points and enable more merchants to adopt digital payments," said Cherry HUANG, General Manager, Global Merchant Partnership, South and Southeast Asia, Ant Group. "On the back of gradual border openings in the region, our collaboration with Razer Merchant Services to innovate fintech and uncover new growth opportunities for businesses in Malaysia and Singapore is timely to prepare them towards recovery."
[1] (Boku, 2021, p. 30)
ABOUT RAZER FINTECH
Razer Fintech is the financial technology arm of Razer Inc (1337: Hong Kong). Established in April 2018, Razer Fintech has grown to become one of the largest O2O (offline to online) digital payment networks in emerging markets and has processed over billions of dollars in total payment value. Razer Fintech recorded a Total Payment Volume (TPV) of US$7 billion for FY 2021, representing an increase of 63.5% year-on-year with its B2B arm, Razer Merchant Services (“RMS”), a major contributor to the figure.
RMS, a leading B2B (business-to-business) solution encompasses:
• RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global and regional blue-chip merchants in SEA.
• RMS Offline: SEA’s largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services including fulfilment of e-commerce purchases, distribution of third-party point-of-sale activation (POSA) cards, and merchant acquiring services for third-party e-wallets.
For more information, please visit our website at merchant.razer.com.
Merchants interested in online payment services, may email us at sales-sa@razer.com.
Merchants interested in offline reloads, may email us at bd-offline-my@razer.com.
About Alipay+
Alipay+ provides global cross-border mobile payments and marketing solutions that enable merchants, especially small and medium-sized businesses, to better serve consumers around the world by collaborating with global partners.
Alipay+ is introduced by Ant Group, the owner and operator of Alipay. One of the world’s leading digital payment platforms, Alipay serves hundreds of millions of users by connecting them with merchants and partner financial institutions that offer inclusive financial services and digital daily life services.
#RazerFintech #Alipay+
The issuer is solely responsible for the content of this announcement.
