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.
merchant.razer.com. Merchants interested in online payment services, may email us at
[email protected]. Merchants interested in offline reloads, may email us at
[email protected]. 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
Services
STAKEHOLDER ENGAGEMENT
Stakeholder mapping, analysis, engagement and communication needs to be detailed to avoid business losses or even worse, a crisis. How can you do this effectively to prevent failure? ...
BUSINESS INTELLIGENCE
Data-driven business decisions have never been as crucial, especially in this era. MGBF leverages off, technology, experience and market presence to aid businesses in making accurate decisions. ...
GOVERNMENT RELATIONS
MGBF provides comprehensive strategic advice and results-focused solutions to solve clients' problems in business-government relations so they can focus on their core business. ...
BUSINESS & BROADER MARKET ACCESS
A critical business challenge is meeting the right decision-makers and potential buyers through the best channel and platform. How will you improve your business competency? ...
Upcoming Events
THE SOUTH CHINA SEA: CENTRAL TO ASEAN’S BUSINESS FUTURE?
In this episode of 'A Working Lunch with Nordin', MGBF's Nordin Abdullah and regional commentator Eddin Khoo will discuss the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
MGBF ROUNDTABLE: THE STRATEGIC CONVERGENCE OF MEDIA AND BUSINESS INTELLIGENCE
This MGBF Roundtable will feature thought leaders form Japan, Australia, Singapore and Malaysia dealing with the critical issues of manipulation of public listed companies and government and their financial impacts.
NETWORKING: LEADING UP TO THE “ASEAN’S FOOD SECURITY NEXUS 2024”
A series of networking sessions with various business associations and trade organisations exploring high-value opportunities for business leaders and entrepreneurs looking to build the relationships that matter.
ASEAN’S FOOD SECURITY NEXUS 2024
This integrated event will include a forum, dedicated business matching, site visits, a gala dinner and a round of golf. Aptly themed, the focus will be on regional food security issues and trends in the context of the supply chain, agriculture technology and trade regulations and policies.
MGBF In The News
Planet QEOS and China Machinery Engineering Corporation (CMEC) are interested in investing RM10 billion to co-develop advanced Megawatt peak (MWp) agrovoltaic in Baram, to further boost Sarawak’s green energy initiative and food security. Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg was briefed on Friday by both the […]
Last week SPM results came out, 373,974 aspirants who have been waiting patiently over the last few months would now know their fate. Some 10,109 have received all A’s, the golden standard of academic success and the ticket to those looking to study the “more advanced” subjects in university. Proudly, […]
The classic knee-jerk reaction is to say, fire the coach, change the leadership of associations, and reduce the funding till they start performing better. This kind of negative reinforcement may work for kindergarten children, but we are dealing with high-performance adults – individuals much further along in their psychological and […]
Since its earliest tea plantations in 1929, Cameron Highlands has grown to become a key player in the agricultural landscape of Malaysia, producing 40 per cent of all vegetables grown. Despite Malaysia shifting its economic focus away from agriculture, the industry remains imperative for food security and the livelihoods of […]
Although at first glance the travel industry and the agricultural sector appear to have nothing in common, they actually share more than meets the eye. The economic benefits of tourism to the agricultural sector can be multiplied several times over. “Tourism brings the end consumers closer to the source, which […]
The Malaysia Global Business Forum (MGBF) recently held a high-level roundtable themed ‘Designing the Future of the Digital Economy’, attended by industry leaders and business associations. The guest of honour was Yang Berhormat Syerleena Abdul Rashid, the Member of Parliament (MP) for Bukit Bendera in Penang. The MP’s Special Session […]
The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on ‘Designing the Future of the Digital Economy’ on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled ‘The Evolving Threat Matrix in the Digital Economy’ held throughout 2022. According to the […]
The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
