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.
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.
“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.
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.
“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.
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.
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$4.3 billion for FY 2020, with its B2B arm, Razer Merchant Services (“RMS”), a major contributor to the figure. The FY 2020 TPV represents an increase of 104.4% year-on-year and a Compound Annual Growth Rate (CAGR) of over 70% since FY2018. RMS, a leading B2B (business-to-business) solution encompassing:
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 Razer Pay top-ups and 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 here.