Malaysian payments firm Curlec by Razorpay has become a member of the Payments Network Malaysia (PayNet). Curlec is the first new PayNet member since 2019.
As a member of PayNet, Curlec will be able to adopt the DuitNow product suite, allowing its customers to make and receive real-time payments from bank accounts and e-wallets.
Curlec is also able to leverage innovations that the Razorpay Group has built around real-time payments in India, the Unified Payment Interface (UPI).
UPI has processed 74 billion transactions in 2022 and has been growing on an average of 380% since its inception in 2016.
Indian payment gateway provider Razorpay had acquired a majority stake in Curlec in February 2022 for an undisclosed sum.
This paved the way for Curlec to transition from a dedicated recurring payments solution to a full stack payment gateway for businesses of all sizes.
Regulated by Bank Negara Malaysia, Curlec has over 1,000 clients including Tune Protect, CTOS, Mary Kay, and The National Kidney Foundation among others.
Zac Liew, Co-founder and Chief Executive Officer of Curlec by Razorpay said,
“Since launching our payment gateway in July, we are now processing in excess of RM2 billion annually and serving over 1,000 merchants. This sets the platform for Curlec to bring further innovation to Malaysia’s digital payment landscape, as well as scale DuitNow to the next level with our expertise in real-time payments – both in India and Malaysia.
The target growth of Malaysia’s digital payments sets the path for The Curlec Payment Gateway’s target to serve more than 5,000 businesses with RM10 billion annualised gross transaction value (GTV) by 2025.”
Gary Yeoh, Chief Commercial Officer, PayNet said,
“Malaysia’s Financial Sector blueprint seeks to futureproof key digital infrastructures to enable more digital finance solutions, and Curlec’s Payment Gateway is a welcome addition to our momentum in the blueprint.
Digital transactions per capita have more than quadrupled, hiking from 49 in 2011 to over 221 in 2022. With the expectation that the number will reach over 400 by 2026, Curlec’s adoption of DuitNow is another ship lifted on the rising tide of digital payments.”
