Razer Merchant Services (RMS), the B2B arm of American-Singaporean FinTech Razer, is expanding its merchant offerings by integrating Alipay+ solutions into more than 60,000 online and offline merchants across Malaysia.
According to a company news release Tuesday (April 5), Alipay+ will be added to payment touchpoints for RMS offline merchants from Malaysia’s retail, business and food and beverage sectors. Launched by China’s Ant Group in 2020, Alipay+ is a suite of digital payments and marketing tools for businesses.
“These merchants, familiar with accepting payments made by Chinese visitors using Alipay, can now process cross-border payments made by a wider range of leading global e-wallets and mobile bank apps and gain access to over one billion global consumers with one single technical solution,” the release said. “Moreover, with one-time deployment, merchants can access all future digital payment methods supported by Alipay+.”
Meanwhile, RMS has also integrated Alipay+ solutions for online merchants in Malaysia from the tourism, grocery, food and beverage, and eHailing segments, including Riding Pink Sdn Bhd, the first all-women e-hailing service.
“The growth of eCommerce around Southeast Asia has rapidly increased the adoption of e-wallets, and RMS is proud to be partnering with Ant Group to contribute to this expansion,” said Lee Li Meng, CEO of Razer Fintech.
Read more: COVID-19 Fuels 41 Pct Spike In Global Real-Time Payments
In 2020, Malaysia logged 338 million mobile wallet transactions valued at $5.5 billion, a number that’s expected to hit $28.2 billion by 2025.
As PYMNTS noted last year, Malaysia — which had been a heavily cash-reliant country before COVID-19 — became one of the world’s most enthusiastic mobile wallet adopters following the pandemic. Overall, mobile wallet adoption rose to an historic high of 46% in 2020, compared to 40.6% in 2019 and 18.9% in 2018.
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