Large-scale deployment of UnionPay QR Code will pave the way for more local consumers to go cashless with the adoption of digital payments on UnionPay enabled e-wallets
KUALA LUMPUR, Malaysia, Nov. 26, 2021 /PRNewswire/ -- Global payment network UnionPay and leading Fintech company Razer Merchant Services (RMS) are collaborating to enable UnionPay Quick Response (QR) Codes at all Razer Merchant Services' (RMS) physical merchant touchpoints and online merchants in Malaysia. In line with Bank Negara's vision for a cashless society, UnionPay partners with the B2B arm of Razer Fintech, RMS, to enable QR Code acceptance at small, medium and big merchants across many industry verticals covering beauty, e-commerce, education, government services, healthcare, hobbies, parking, retail, telephony, travel and more.
In 2018, UnionPay was the first global payment network in Malaysia to kickstart the nationwide deployment of UnionPay QR Code for payments. UnionPay QR Code is EMV-compliant – EMV is a global standard offering interoperability and reliability. Today, UnionPay's QR Code is accepted at almost 100K merchant terminals locally, ranking it first among international payment networks in Malaysia. UnionPay's QR Code coverage is also the most comprehensive globally, extending to 44 destinations and over 30 million merchants outside Malaysia, including destinations popular with Malaysian residents like Australia, China, Indonesia, Korea, Japan, Singapore, Thailand, and Vietnam.
"As one of the leaders in innovative payment, our vision is to always build and expand a strong eco-system of QR Code merchant network to foster convenience and seamless payment experience for customers using UnionPay-standard e-wallets with BOC, Boost, GoPayz, and S Pay Global. Thus, we are especially pleased to enable popular online merchants like eKhidmat, Elinking, exam-mate, Finestlife, Flowerchimp, Hermo, Livein, Penang Smart Parking and more for QR Code payment, allowing our customers to easily scan UnionPay QR Code online when making payment for everyday purchases and services, reducing physical contact and the need to commute," said Mr. Huiming Cai, General Manager, UnionPay International (UPI) Southeast Asia.
UnionPay's previous QR Code deployment have been more focused on offline merchants, but movement restrictions due to the pandemic have caused more of its customers to purchase online.
"RMS is pleased to collaborate with UnionPay, who have shown a firm commitment towards developing innovative payment products and services in Malaysia. This collaboration will further expand UnionPay's online presence in Malaysia as the demand for QR Code acceptance is increasing, especially for many online marketplaces, e-services and e-commerce sites. Like UnionPay, we believe that QR Codes offer a secure, easy-to-deploy and low-cost e-payment alternative for online and offline Malaysian merchants. We are confident that RMS' modular and scalable payment solutions will enable a superior payment experience for merchants of all sizes and their customers," said Lee Li Meng, CEO of Razer Fintech.
Razer Fintech is the financial technology arm of Razer Inc. established in April 2018 and has grown to become Southeast Asia's (SEA) largest O2O (online to offline) digital payment network with its online SEA payment gateway serving over 60K merchants in the region and its offline payment network covering over 1 million physical points in retail outlets across SEA.
UnionPay's mobile payment includes QR Code for payment, and QuickPass (Contactless) payment. UPI has been actively building the eco-system for UnionPay mobile payment in Malaysia. In June 2021, UPI announced that it partnered with leading cashless parking provider Sonicboom Solutions Sdn Bhd to launch Frictionless Parking for GoPayz UnionPay customers to park in Klang Valley without using cash, card or collecting parking ticket. Frictionless Parking uses Sonicboom's Licence Plate Recognition technology, a usage scenario in the UnionPay International Content & Service Platform (UCSP). The UCSP integrates various mobile payment scenarios into a mobile payment ecosystem, enhancing consumer's payment experiences for everyday purchases. The usage scenarios include transit, parking, benefits, coupons, tax refund and others.
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay. In partnership with over 2,400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UPI provides high quality, cost effective and secure cross-border payment services to the world's largest Cardholder base and ensures convenient local services to a growing number of global UnionPay Cardholders and merchants.
In Malaysia, UnionPay cards are widely accepted at ATMs and POS terminals all over the country. UPI works with Bank of China (Malaysia), Boost, GoPayz, Huawei, Industrial and Commercial Bank of China, Public Bank, and S Pay Global to offer a wide range of payment products ranging from physical cards, virtual cards, QR Code to mobile payment and more. For more information, visit www.unionpayintl.com/my.
About Razer Fintech
Razer Fintech is the financial technology arm of Razer Inc (1337: Hong Kong). Established in April 2018, Razer Fintech has grown to become one of the largest O2O (offline to online) digital payment networks in emerging markets and has processed over billions of dollars in total payment value. Razer Fintech recorded a Total Payment Volume (TPV) of US$4.3 billion for FY 2020, with its B2B arm, Razer Merchant Services ("RMS"), a major contributor to the figure. The FY 2020 TPV represents an increase of 104.4% year-on-year and a Compound Annual Growth Rate (CAGR) of over 70% since FY2018. RMS, a leading B2B (business-to-business) solution encompassing:
- RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global and regional blue-chip merchants in SEA.
- RMS Offline: SEA's largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services including fulfilment of e-commerce purchases, distribution of third-party point-of-sale activation (POSA) cards, and merchant acquiring services for third-party e-wallets.
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