Razorpay India receives license to acquire merchants in Malaysia
By Gloria Mathias
Razorpay India has expanded its footprint by obtaining a license to acquire merchants in Malaysia for Curlec. Curlec by Razorpay is also now a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet).
The ‘Curlec by Razorpay’ Payment Gateway, regulated by Bank Negara Malaysia, is a fully compliant organization. Razorpay will further operations in Malaysia and, together with Curlec, build a safe, customer-first, and innovative payment infrastructure for Malaysia.
As the first new member of PayNet since 2019, Curlec by Razorpay is empowered to drive the adoption of DuitNow, real-time payment processing, across a wider cross-section of Malaysia. Like UPI in India, DuitNow allows one to transfer and receive funds instantly using just their mobile and national identification number, without needing a bank account number.
Rahul Kothari, Chief Business Officer, Razorpay shared, “Today’s event marks a significant milestone for Curlec by Razorpay. We are thrilled to become members of PayNet and full-heartedly support Bank Negara’s vision of empowering consumers and businesses in Malaysia to become cashless. Malaysia is an important strategic market for us as we see plenty of similarities with the Indian payments market. I believe that we can help play a pivotal role in driving the adoption of DuitNow, similar to how we helped scale UPI in India.”
Zac Liew, Co-Founder & CEO of Curlec by Razorpay said, “It excites us to see the momentum our ‘Payments Uncompromised’ approach is building, especially by becoming the newest member of PayNet since 2019. 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.”
Gary Yeoh, CCO, 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.”
Curlec believes that India’s real-time payments technology will prove instrumental to the adoption of DuitNow payments in Malaysia, due to the success UPI has achieved in the Indian market.
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December 08, 2023