Bengaluru-based Razorpay’s global ambitions soar as it sets its sights beyond Indian shores, acquires space in Malaysian market

This membership empowers Curlec to promote the adoption of DuitNow, a real-time payment processing service, across a broader spectrum of Malaysia.

We are elated to share a new milestone, we’ve just got the license to acquire merchants in Malaysia and Curlec by Razorpay is now a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet).

Here’s to bringing our innovations to the world 🚀https://t.co/opsVitioL7

— Razorpay (@Razorpay) October 26, 2023

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Leveraging UPI success

Razorpay’s expertise in real-time payment transactions in India positions it as a valuable contributor to the adoption of real-time payments in Malaysia through DuitNow.

Rahul Kothari, Chief Business Officer, Razorpay, expressed enthusiasm for the company’s investment in Malaysia’s domestic payment ecosystem.

He stated, “We are thrilled to become a member of PayNet and full-heartedly support Bank Negara’s vision of empowering consumers and businesses of Malaysia to become a cashless society. Malaysia is an important strategic market for us as we see plenty of similarities with the Indian payments market.”

It’s OFFICIAL! Curlec by @Razorpay is now an official member of PayNet Malaysia. ⚡️ Joining hands to transform real-time payments in Malaysia from here on out! Read the full announcement here: https://t.co/vfGNKlbR4u pic.twitter.com/2YHTY1c1iU

— Curlec by Razorpay (@curlec_pay) October 26, 2023

“Our extensive experience in navigating the diverse and dynamic landscape of the Indian market empowers us to leverage that expertise. It helps us tackle various challenges and resolve payment issues on a global scale. I believe that we can help play a pivotal role in driving the adoption of DuitNow. This is similar to how we helped scale UPI in India,” he added.

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Processing billions & serving thousands

Zac Liew, Co-Founder & CEO of Curlec by Razorpay, highlighted Curlec’s access to DuitNow and its commitment to serving Malaysian businesses.

He said, “We are now processing over RM2 billion annually. Also, we are serving over 1,000 merchants since launching our Payment Gateway in July. This sets the stage for Curlec to bring further innovation to Malaysia’s digital payment landscape. It also helps us scale DuitNow to the next level with our expertise in real-time payments.”

HC @BN_Reddy_8888 met the cofounders of @curlec_pay Mr. Steve Kucia, Chairman and Mr. Zac Liew, the CEO, who briefed HC about the exciting journey of their partnership with India’s Fintech unicorn @Razorpay and the vast possibilities in the Malaysian digital payment space. pic.twitter.com/BnpGYRmeWt

— India in Malaysia (@hcikl) August 22, 2023

Liew added that Malaysia’s push for a cashless society aligns with Curlec’s goal to serve over 5,000 businesses by 2025.

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Fintech collaboration

Gary Yeoh, CCO of PayNet, welcomed Curlec’s membership and its contribution to Malaysia’s digital payment growth.

“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,” said Yeoh.

Razorpay’s expertise in real-time payment transactions positions it as a valuable contributor to the adoption of real-time payments in Malaysia. (Twitter)

The High Commissioner of India to Malaysia, BN Reddy, welcomed Razorpay’s entry into Malaysia’s fintech space through Curlec. He highlighted the potential for collaboration between India and Malaysia in the fintech sector.

“India with its global leading role in digital payments and Malaysia with its digital economy priorities offers a fertile ground for such collaborations in fintech. I wish Razorpay and Curlec Teams success in Malaysia and in the Southeast Asia region,” said Reddy.

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(Disclaimer: The headline, subheads, and intro of this report along with the photos may have been reworked by South First. The rest of the content is from a syndicated feed.)