Razer Merchant Services Secures Visa Acquiring License in 3 ASEAN Countriesby Fintech News Singapore June 6, 2023
Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has secured Visa’s Direct Acquiring license in Malaysia, Singapore and the Philippines, as part of a regional partnership.
Simultaneously, RMS is now certified with the Visa Token Service (VTS) to provide a secured and encrypted card payment service, deployed during card payment transactions for merchants.
Through this partnership with Visa, RMS aims to expand the card scheme to these countries across different industry verticals, including hawkers, e-hailing, market traders, on-demand services, e-sports, government, and education.
The other Visa solution in the full suite offered by RMS to its merchants is Rapid Seller Onboarding (RSO). RSO is a digital onboarding, due diligence (including risk scoring), and underwriting (an approval sought to confirm the onboarding of merchant) solution utilised once merchants sign up for it through RMS’ digital onboarding portal.
This affords merchants the convenience of onboarding themselves online on the RMS website while due diligence and compliance checks are conducted in the background.
RMS’ holistic card scheme payment ecosystem will be further enhanced with its RMS Virtual Terminal app that turns merchant smartphones into payment terminals, tapping into its current offline physical merchant base of more than 40,000 QR payment touchpoints.
Lee Li Meng, CEO of Razer Fintech said,
“Through this partnership with Visa, RMS streamlines our initiatives of digitising payments for merchants across Malaysia, Singapore, and the Philippines.
We will look to replicate this across other Southeast Asian countries like Thailand, Indonesia, Taiwan, and Hong Kong. RMS merchant’s customers will also benefit from a secure and improved payment experience through our VTS solution.”
Neil Mumm, Head of Merchant Sales and Acquiring, Asia Pacific, Visa said,
“Many small businesses recognise the need to digitise payments yet they lack the resources and know-how to do so. This is why, at Visa, we create solutions to make merchant onboarding more seamless, and to help merchants accept Visa card payments easily and securely.
We are glad to partner with Razer Merchant Services as this will help to accelerate payments digitisation across Malaysia, Singapore and the Philippines, so merchants can start to offer the digital and intuitive payment experiences that consumers are already embracing.”