Razer Fintech, MyDebit collaborate to spur contactless payments

• Merchant smartphones converted into payment terminals
• Aims to enable 2,000 merchant touchpoints, spur contactless payments

Razer 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.

In a statement, RMS said it has rolled out this new payment feature to further encourage contactless payments in Malaysia. The MyDebit TOP feature is powered by fintech player Soft Space Sdn Bhd.

Through the RMS and PayNet collaboration, merchant smartphones can be converted into payment terminals, enabling smaller merchants to accept MyDebit payments from approximately 21 million ATM cardholders without incurring rental and monthly maintenance fees for card payment terminals, RMS said.

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 said it aims to enable 2,000 merchant touchpoints with the MyDebit TOP contactless payment feature by Q4 2021 via the RMS VT app, including merchants from the retail, courier and food and beverage segments.
 
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, which would accelerate the adoption of digital payments, it said.

"RMS is proud to introduce the latest payment solution through MyDebit TOP on the RMS' Virtual Terminal app. 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.

"This new collaboration between MyDebit Tap-On-Phone with RMS would provide opportunities for more micro small and mediaum enterprises (SMEs) 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 CEO of PayNet.

RMS said the RMS VT app is a very cost-effective payment platform for merchants as it costs a fraction of the traditional cost required to acquire a conventional payment terminal.

RMS said the on-boarding process is fully digitalised, and once registered, merchants can download the virtual terminal app to activate their account.

Post activation, merchants may start transacting, as deployment is immediate upon application approval, it said.