KUALA LUMPUR (Oct 26): Curlec by Razorpay, the full-stack, business-to-business payments solution provider, is now a member of the national payments network and infrastructure, Payments Network Malaysia Sdn Bhd (PayNet).
As the first new member of PayNet since 2019, Curlec is now empowered to drive the adoption of real-time payment processing across a wider cross-section of Malaysia than before.
Curlec’s PayNet membership will see the former adopting the DuitNow product suite, allowing its customers to make and receive real-time payments from bank accounts and e-wallets. The move allows Curlec to support Bank Negara Malaysia's (BNM) aspirations to create a cashless society.
As a member of Paynet, Curlec will be able to leverage innovations that the Razorpay group has built around real-time payments in India, the world’s largest market for digital payments. This technology was the first to market India’s real-time payments solution, the Unified Payment Interface (UPI), which processed 74 billion transactions in 2022, and has been growing on an average of 380% since its inception in 2016. Curlec believes that this technology will prove instrumental to the adoption of DuitNow payments in Malaysia, due to the scale and success achieved in the Indian market.
Zac Liew, a co-founder and the chief executive officer of Curlec by Razorpay, said the momentum of Curlec’s payment approach, "Payments Uncompromised', is progressing into more seamless transactions, especially by becoming the newest member of PayNet.
“We want to serve merchants better with more upcoming innovations via a direct payment scheme with PayNet instead of having to go through multiple third parties. Besides that, we are here to also serve the national agenda to drive more digital payments and transactions.
“Since the launching of the Curlec Payment Gateway in July, we are now processing 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.
“Malaysia continues to take steps through its financial blueprint towards a cashless society, with the aim of e-payment per capita increasing at over a 15% compound annual growth rate by 2026. The target growth for 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 by 2025.“
Rahul Kothari, the chief business officer of Razorpay, expressed enthusiasm for its substantial investment in Malaysia's domestic payment ecosystem.
“Simplifying the payment system is a universal problem. With the adoption of DuitNow, Malaysian start-ups, micro, small and medium enterprises (MSMEs), and freelancers of the future across the value chain will benefit from the digital payment potential. Making them at the centre of the financial tech revolution is necessary to drive the economic progression of MSMEs. Hence, we are thrilled to become a member of PayNet, and we are proud to support BNM'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, and this membership reinforces our commitment to delivering world-class technology on a global scale. I believe that we can help play a pivotal role in driving the adoption of DuitNow, similar to how we scale UPI in India,” he said.
Having a vibrant start-up and MSME ecosystem, Rahul said, is also helping the drive to digital payment transformation flourish aggressively.
Gary Yeoh, the chief commercial officer of PayNet, said, “Malaysia’s Financial Sector Blueprint seeks to future-proof key digital infrastructure 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 expectations 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.
“We saw a big surge in digital transactions through the increase of FPX use, which has been sustaining its numbers since, although it is somewhat related to the Covid-19 pandemic due to people being conscious of having direct contact during business transactions. We are looking forward to the next spur of financial technology advancement.”
Curlec, regulated by BNM, is trusted by over 1,000 businesses, including some of Malaysia’s most prominent brands like Tune Protect, CTOS, Mary Kay, and the National Kidney Foundation.