Curlec by Razorpay, a payment gateway in Malaysia, has integrated its payment system with TNG eWallet, enabling SMEs and unbanked individuals in rural areas to access financial services.
This collaboration aims to facilitate recurring payments through TNG eWallet, benefiting over two million merchants and more than 21 million verified users nationwide, particularly in underserved communities.
It allows for recurring payment schedules, control over billing cycles, and instant subscription alerts through Curlec Subscriptions.
For consumers, this means no longer needing debit or credit cards for subscriptions such as gym memberships or streaming services. Instead, they can use their TNG eWallet information for seamless and secure recurring payments.
Curlec now provides an additional recurring payment method alongside Visa, Mastercard, and online banking using direct debit.
The integration of Curlec with TNG eWallet helps businesses such as tuition centres, community gyms or any subscription-based business collect payments regularly, improving their financial stability.
This partnership aims to extend TNG eWallet’s reach to more merchants, enhancing operational efficiency and financial management for small businesses.
Zac Liew, Co-founder and CEO of Curlec said,
“While many payment gateways have partnered with TNG eWallet for one-off payments, we are delighted to be one of the first payment gateways in the market to offer recurring payments with TNG eWallet. This partnership will truly benefit many Malaysian businesses and consumers.
Up to 88% of Malaysians prefer TNG eWallet as a payment method. With such a high market penetration rate, leveraging TNG eWallet as a payment method would reach the underbanked and those who cannot obtain credit cards.”
Alan Ni, Chief Executive Officer of TNG Digital, the operator of TNG eWallet, said,
“Our collaboration with Curlec aligns perfectly with TNG Digital’s commitment to democratising financial access in Malaysia, fostering a financially empowered society. Through this partnership, more people, including consumers, businesses, and organisations, will enjoy the advantages of recurring eWallet payments.
As Malaysia’s largest eWallet, we’re poised to bridge gaps, foster financial inclusion, and empower over 21 million verified eWallet users nationwide with seamless transactions and tailored financial solutions. This is particularly impactful for areas with limited card usage.”
Together with speakers from Payment Networks Malaysia (PayNet), Fintech Association of Malaysia (FAOM) and Jinerxu, Alan will be speaking at the webinar titled – “Revolutionizing E-Payments: Fintechs as Catalysts for Financial Inclusion” on 26th June 2024, 11am Malaysia Time.
Register for the webinar to gain more insights.
