Razer Ties up With PayNet to Power Tap-on Phone Services for Merchants
by Fintech News Malaysia October 5, 2021Razer 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.
Through the RMS and PayNet collaboration, merchant smartphones can be converted into payment terminals, enabling smaller merchants to accept MyDebit payments without incurring rental and monthly maintenance fees for card payment terminals.
The MyDebit TOP feature was enabled by Soft Space.
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.
RMS aims to enable 2,000 merchant touchpoints with the MyDebit TOP contactless payment feature by the end of 2021 via the RMS VT app.
The app can accept various payment options, including online banking, popular local and cross-border e-wallets, and now, MyDebit.
RMS VT aims to ease digitisation 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 digitalised, and once registered, merchants can download the app to activate their account. Post activation, merchants may start transacting, as deployment is immediate upon application approval.
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.
Li Meng Lee
” 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.
Peter Schiesser
“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.
