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Curlec by Razorpay, the full-stack payments solution provider, today announced that it 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 membership to PayNet will see the former adopting the DuitNow product suite, allowing their customers to make and receive real-time payments from bank accounts and e-wallets. The move allows Curlec to support BNM’s 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, Co-Founder & CEO of Curlec by Razorpay hailed Curlec’s newfound access to DuitNow via its membership to PayNet, “It excites us to see the momentum our ‘Payments Uncompromised’ approach is building, especially by becoming the newest member of PayNet since 2019. Since launching our Payment Gateway in July, we are now processing in excess of 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.”
Liew added, “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% CAGR by 2026. The target growth of 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 (GTV) by 2025.“
Rahul Kothari, Chief Business Officer, Razorpay expressed enthusiasm for their substantial investment in Malaysia’s domestic payment ecosystem, “Today’s event marks a significant milestone for Curlec by Razorpay. We are thrilled to become a member of PayNet and we’re proud to 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, 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 helped scale UPI in India.”
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. 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.”
Curlec, regulated by Bank Negara Malaysia, 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.
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