Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has emerged as the first merchant acquirer to migrate FPX to DuitNow Online Banking/Wallets (DuitNow OBW), a new service on the real-time payments platform (RPP) from PayNet.
FPX is an existing version of PayNet’s e-commerce payment services, whereas DuitNow OBW is the enhanced version which allows customers to securely authenticate their purchases respectively without the use of OTPs. RPP enables seamless e-commerce purchases experience.
RMS is also now the first merchant acquirer to enable all three channels for PayNet’s RPP (DuitNow payment solutions), allowing both online e-commerce and offline physical merchants to accept payments with interoperability between participating banks and e-wallets.
Thirdly, RMS is also the first of its kind to enable a single integration API for PayNet’s RPP services, which allows its ecommerce merchants to seamlessly migrate to PayNet’s services, with no additional integration work needed – saving time and cost for its merchants.
Among the first to have access to these features are merchants on online food and grocery delivery platform foodpanda.
The payment experience is enhanced by re-directing customers to their preferred bank or e-wallet for subsequent login to authenticate the purchase.
With DuitNow OBW, customers can easily opt to pay for their foodpanda orders via online banking account and e-wallets, alongside other customary payment methods.
“We are thrilled to be working with foodpanda to enable the DuitNow OBW services.
As RMS is the 1st acquirer to enable our merchants with a full suite of DuitNow products such as DuitNow QR online and DuitNow AutoDebit & Consent, our merchant can now collect payments without the hassle of their customer’s repetitive OTP authentication.”
said Lee Li Meng, Razer Fintech’s Chief Executive Officer.
Gary Yeoh, Chief Commercial Officer at PayNet said,
“We believe in empowering merchants across all segments by addressing their current digital payment and collection friction and pain points.
Through a simple API integration, the DuitNow Online Banking/Wallets launch with RMS will allow a significantly more secure ecommerce payment experience for foodpanda customers.”
