DigitalCFO Newsroom | 30 September 2022
Razer Merchant Services (RMS) aims to enable MyDebit Secure payment methods for 1,300 online merchants by Q3 2023 in Malaysia.
Razer Merchant Services (“RMS”), the B2B arm of Razer Fintech, announces the expansion of its digital payments suite with live enablement of PayNet’s MyDebit Secure for its merchants in Malaysia.
With 46 million MyDebit ATM cards in circulation, the MyDebit Secure payment option would enable consumers the benefit of using their payment cards to pay for online transactions with reduced fraud risk through technological advancements such as 3-D Secure 2.0. According to the e-Conomy SEA 2021 report, digital payment volumes are forecasted to exceed USD $1.2 trillion by 2025 in Southeast Asia, as the ever-increasing smartphone usage and internet penetration contribute to the shift in consumer behavior.
“Razer Merchant Services is very proud to partner with PayNet to further streamline card payment for all Malaysian debit and credit card holders at our online merchant touchpoints. We will expand the MyDebit Secure services to our online merchants initially, and subsequently offer this to all our merchants, with the support of PayNet, to ensure frictionless and seamless payments are available to all card holders,” said Lee Li Meng, CEO at Razer Fintech.
“With the growing adoption of digital payments and Malaysia advancing towards a cashless society, PayNet continues to enhance our payment offerings to allow merchants to best position themselves for the future of commerce and cater to the needs of their customers. MyDebit Secure which supports the 3-D Secure 2.0 protocol provides a safer online payment method for both merchants and end-users and also improves the speed of check-out,” said Farhan Ahmad, Group Chief Executive Officer of PayNet.
3-D Secure (3DS) 2.0 analyzes richer data to assist merchants in accepting payments only from legitimate customers, thus reducing the risk of fraud. With this additional layer of security, MyDebit cardholders performing MyDebit Secure transactions can enjoy less friction with a faster check-out experience as the One-Time Password (OTP) may not be necessary for all transactions. Additionally, the liability for chargebacks due to fraud shifts from the merchants to the issuing bank.
The first 1,300 RMS merchants with the MyDebit Secure payment option enabled are from industry verticals such as Insurance, Health, Apparel, Online Malls, Telco, Cosmetic Products, Entertainment, Food & Beverage, Digital Content, Books and Charity. These merchants would benefit from competitive Merchant Discount Rates (MDR) and the 3DS 2.0 authentication protocol.