Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Payments Network Malaysia (PayNet) to launch the MyDebit Tap-On-Phone (TOP) feature on the RMS Virtual Terminal (RMS VT) mobile application. RMS, one…
Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Atome, Asia’s leading Buy Now Pay Later (BNPL) brand, to enable flexible deferred payment acceptance during checkout at online and offline RMS merchants. Starbucks is among the first RMS merchants to pioneer Atome’s flexible payment method through this partnership.
Through this partnership between RMS and Atome, customers of Starbucks and other B2C merchants with BNPL enabled can enjoy the benefits from flexible deferred payments, making their products more attainable.
BNPL, known widely as the payment option to enable flexible deferred payments at zero interest, has a booming market with expected growth of US$7.3 billion in 2019 to US$33.6 billion in 2027 at a compound annual growth rate (CAGR) of 21.2%, Coherent Market Insights estimates. According to the 2021 e-Conomy SEA report, the internet penetration in Southeast Asia has risen to 75%, with 40 million new internet users in 2021.
Atome today partners with over 3,000 merchants in the country since entering the market in Q3 2020. Average order value has increased by more than 30%, with an estimated 85% rate of return customers, while consumers using Atome have contributed over 25% of sales for merchants.
“RMS is very excited for this partnership with Atome, as it will benefit our merchants and their customers by offering the latest and most convenient payment methods across Malaysia. We look forward to extending this partnership with Atome to reach and penetrate the Southeast Asian market for consumers who do not have access to card scheme instalments.” said Lee Li Meng, CEO of Razer Fintech.
“Through our strategic partnership with RMS, we hope to continue supporting merchants by offering a flexible, secure, and seamless experience to their customers, to further drive their sales and conversions with flexible deferred payments. We are also excited for Atome users who can now pay for their purchases and for RMS merchants who can attract and retain customers with Atome’s BNPL,” said Jeremy Wong, Head of Strategic Partnerships at Atome.
To pay, users first have to download Atome’s app and register an account, before selecting Atome as the checkout payment option.