The Times Australia
News From Asia

.
Times Media

.

Razer Merchant Services Enables MyDebit Secure To Further Streamline Online Card Payments

Razer Merchant Services (RMS) aims to enable MyDebit Secure payment methods for 1,300 online merchants by Q3 2023 in Malaysia.

SHAH ALAM, MALAYSIA - Media OutReach - 29 September 2022 - Razer Merchant Services ("RMS"), the B2B arm of Razer Fintech, announces the expansion of its digital payments suite with live enablement of PayNet's MyDebit Secure for its merchants in Malaysia.


With 46 million MyDebit ATM cards in circulation, the MyDebit Secure payment option would enable consumers the benefit of using their payment cards to pay for online transactions with reduced fraud risk through technological advancements such as 3-D Secure 2.0. According to the e-Conomy SEA 2021 report, digital payment volumes are forecasted to exceed USD $1.2 trillion by 2025 in Southeast Asia, as the ever-increasing smartphone usage and internet penetration contribute to the shift in consumer behavior.

"Razer Merchant Services is very proud to partner with PayNet to further streamline card payment for all Malaysian debit and credit card holders at our online merchant touchpoints. We will expand the MyDebit Secure services to our online merchants initially, and subsequently offer this to all our merchants, with the support of PayNet, to ensure frictionless and seamless payments are available to all card holders," said Lee Li Meng, CEO at Razer Fintech.

"With the growing adoption of digital payments and Malaysia advancing towards a cashless society, PayNet continues to enhance our payment offerings to allow merchants to best position themselves for the future of commerce and cater to the needs of their customers. MyDebit Secure which supports the 3-D Secure 2.0 protocol provides a safer online payment method for both merchants and end-users and also improves the speed of check-out," said Farhan Ahmad, Group Chief Executive Officer of PayNet.

3-D Secure (3DS) 2.0 analyzes richer data to assist merchants in accepting payments only from legitimate customers, thus reducing the risk of fraud. With this additional layer of security, MyDebit cardholders performing MyDebit Secure transactions can enjoy less friction with a faster check-out experience as the One-Time Password (OTP) may not be necessary for all transactions. Additionally, the liability for chargebacks due to fraud shifts from the merchants to the issuing bank.

The first 1,300 RMS merchants with the MyDebit Secure payment option enabled are from industry verticals such as Insurance, Health, Apparel, Online Malls, Telco, Cosmetic Products, Entertainment, Food & Beverage, Digital Content, Books and Charity. These merchants would benefit from competitive Merchant Discount Rates (MDR) and the 3DS 2.0 authentication protocol.

Hashtag: #RazerMerchantServices #RazerFintech #PayNet #MyDebit

The issuer is solely responsible for the content of this announcement.

About Razer Fintech

Razer Fintech is the financial technology arm of Razer Inc. 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.

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 .
Merchants interested in online payment services, may email us at .
Merchants interested in offline reloads, may email us at .

About Payments Network Malaysia Sdn Bhd

  • Payments Network Malaysia Sdn. Bhd. ("PayNet") is the national payments network and shared central infrastructure for Malaysia financial markets and operator of MyDebit domestic debit card scheme with over 46 million cards in circulation. We innovate, build and operate world-class payment systems and financial market infrastructures that safely, reliably and efficiently enable the functioning and development of Malaysia financial ecosystem as well as the economy as a whole. PayNet also serves as a platform to harness the collaborative efforts of all providers of payment services to accelerate the adoption of electronic payments.
  • For more information, please visit www.paynet.my

The Times Features

The Gift That Keeps Growing: Why Tinybeans+ Gift Cards are a game-changer for new parents

As new parents navigate the joys and challenges of raising a child in the digital age, one question looms large: how do you preserve and share your baby's milestones without co...

Group Adventures Made Easy: How to Coordinate Shuttle Services from DCA to IAD

Traveling as a large group can be both exciting and challenging, especially when navigating busy airports like DCA (Ronald Reagan Washington National Airport) and IAD (Washington...

From Anxiety to Assurance: Proven Strategies to Support Your Child's Emotional Health

Navigating the intricate landscape of childhood emotions can be a daunting task for any parent, especially when faced with common fears and anxieties. However, transforming anxie...

The Rise of Meal Replacement Shakes in Australia: Why The Lady Shake Is Leading the Pack

Source Meal replacement shakes are having a moment in Australia, and it’s not hard to see why. They’re quick, convenient, and packed with nutrition, making them the perfect solu...

HCF’s Healthy Hearts Roadshow Wraps Up 2024 with a Final Regional Sprint

Next week marks the final leg of the HCF Healthy Hearts Roadshow for 2024, bringing free heart health checks to some of NSW’s most vibrant regional communities. As Australia’s ...

The Budget-Friendly Traveler: How Off-Airport Car Hire Can Save You Money

When planning a trip, transportation is one of the most crucial considerations. For many, the go-to option is renting a car at the airport for convenience. But what if we told ...

Times Magazine

12 Benefits Of Acquiring An Education In Australia

Australia offers great opportunities for international students. The country boasts world-class universities, a relaxed and affordable lifestyle, and sunny weather all year. It’s no wonder that so many students from around the world come to Austral...

Innovative Strategies for Using the Wheel Spinner

For ages, the wheel spinner has been used to manufacture high-quality yarn and fabrics. It is a versatile tool that may be used to create simple yarns as well as sophisticated multi-coloured mixtures. The wheel spinner has changed as technology has...

Designing for Accessibility: How Toilet Signs Can Promote Inclusivity

Toilet signs are a crucial aspect of any public facility or establishment. They play an important role in guiding individuals to the appropriate restroom while ensuring that everyone feels safe and comfortable while using the facilities. Toilet sig...

Take Control of Your Time with a Monthly Wall Planner

Benefits of a Monthly Wall Planner Organizing your life can be a difficult task. With so many tasks, obligations, and deadlines to remember and keep track of, it can seem like an insurmountable challenge. To make matters worse, our lives are const...

The perfect picture: what makes dream Sydney wedding photography?

The photo album is, without a shadow of a doubt, the most important memento from any loving couple’s special day! It’s the keepsake that keeps on giving, the souvenir to saviour, and the perfect reminder of what was one of the biggest - and most jo...

What Is Government Furniture And How Does It Differ From Commercial Furniture?

When you think about furniture, you might picture a cozy living room set or sleek office chairs. But have you ever considered the specific needs of government furniture? Government furniture serves a unique purpose, catering to the demands of public ...