Online payment gateways allow merchants to conveniently accept payments via debit cards, credit cards, FPX (Financial Process Exchange) bank transfers, and even e-wallets. Today, online payment gateways are not just limited to online stores, but…
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 of the largest offline to online (O2O) digital payment networks across Southeast Asia, has rolled out this new payment feature to further encourage contactless payments in Malaysia.
During the COVID-19 crisis, contactless payments surged 60% across Asia, double the expected volume during this period, according to a report by McKinsey & Company. In line with this, RMS aims to enable 2,000 merchant touchpoints with the MyDebit TOP contactless payment feature by Q4 2021 via the RMS VT app, including merchants from the ‘Retail’, ‘Courier’ and ‘Food & Beverage’ segments. Through the RMS and PayNet collaboration, merchant smartphones can be converted into payment terminals, enabling smaller merchants to accept MyDebit payments from approximately 21 million ATM cardholders without incurring rental and monthly maintenance fees for card payment terminals.
Consumers merely need to tap their MyDebit ATM cards on merchants’ Android Near-Field Communication (NFC) devices to transact purchases below RM 250 securely, while RMS has enabled the ‘PIN on Glass’ verification feature for contactless transactions above the stipulated amount. 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, which would accelerate the adoption of digital payments.
“RMS is proud to introduce the latest payment solution through MyDebit TOP on the RMS’ Virtual Terminal app. This partnership with PayNet cements the VT app as a revolutionary mobile payment software platform that our offline merchants can use to accept MyDebit ATM cards. 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,” said Lee Li Meng, CEO of Razer Fintech.
“We have worked closely with RMS for many years now, and they are gaining good traction with micro, small and medium enterprises. This new collaboration between MyDebit Tap-On-Phone with RMS would provide opportunities for more MSMEs to go digital and offer contactless card payments and is in line with our strategy to expand MyDebit’s acceptance at Retail and F&B segments,” said Peter Schiesser, Group Chief Executive Officer of PayNet. He added that TOP could potentially benefit over 25,000 micro, small and medium enterprises in the country, many of whom have yet to be fully digitalized.
RMS VT is among the first payment platforms in Malaysia that are operable on Android NFC smartphones with mobile data or Wi-Fi connections. The lightweight app can accept various payment options, including online banking, popular local and cross-border e-wallets, and now, MyDebit.
The RMS VT app is a very cost-effective payment platform for merchants as it costs a fraction of the traditional cost required to acquire a conventional payment terminal. With its low cost, RMS VT aims to ease digitization among non-urban merchants by relieving them of the usual costs to obtain payment terminals, including deposits, rental, and maintenance fees. The on-boarding process is fully digitalized, and once registered, merchants can download the Virtual Terminal app to activate their account. Post activation, merchants may start transacting, as deployment is immediate upon application approval.