Razorpay’s Curlec Expands Reach in Malaysia, Driving Digital Payment Adoption

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Razorpay, a leading fintech company in India, has recently broadened its reach by securing a license to onboard merchants in Malaysia for its subsidiary Curlec. This move is aimed at addressing the challenges associated with digital payments in emerging economies.

Furthermore, Curlec, under Razorpay, has become a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and infrastructure. The ‘Curlec by Razorpay payment gateway, which operates under the regulations of Bank Negara Malaysia, is committed to maintaining full compliance.

Razorpay has a strong track record of establishing a robust financial infrastructure for businesses in India, and now it plans to extend this expertise to Malaysia. Working alongside Curlec, Razorpay aims to build a secure, customer-centric, and innovative payment ecosystem for the Malaysian market.

As the first new member of PayNet since 2019, Curlec by Razorpay is now empowered to drive the adoption of DuitNow, a real-time payment processing system, across a broader segment of Malaysia. Similar to India’s Unified Payment Interface (UPI), DuitNow enables instantaneous fund transfers using only a mobile device and a national identification number, without the need for a bank account number. This step aligns with Curlec’s support for Bank Negara Malaysia’s vision of transitioning towards a cashless society.

Southeast Asia currently holds a prominent position in the digital payments landscape, with Malaysia emerging as one of the fastest-growing digital economies within the region. This growth is fueled by the rapid development of the country’s digital economy and the increasing penetration of mobile phones. Approximately 50% of Malaysian consumers have reported carrying less cash compared to previous years. The country aims to become a cashless society by 2030, indicating a significant rise in contactless transactions. As electronic payment transactions continue to rise, Curlec believes that India’s real-time payments technology, particularly the success of UPI, will play a critical role in driving the adoption of DuitNow payments in Malaysia.

Rahul Kothari, the chief business officer of Razorpay, expressed excitement about their substantial investment in Malaysia’s domestic payment ecosystem. He emphasized their dedication to supporting Bank Negara’s vision of promoting a cashless society. Kothari highlighted the similarities between the Indian and Malaysian payments markets, emphasizing their ability to leverage their extensive experience in navigating diverse landscapes to address global payment challenges.

Zac Liew, the co-founder and CEO of Curlec by Razorpay, celebrated the company’s access to DuitNow through its PayNet membership. He emphasized the growing momentum behind their ‘payments uncompromised’ approach and the significant milestones they have achieved in a short span of time. Liew highlighted their ambitious plans to bring further innovation to Malaysia’s digital payment landscape and scale DuitNow with their expertise in real-time payments from both the Indian and Malaysian markets.

Gary Yeoh, the CCO of PayNet, welcomed Curlec’s adoption of DuitNow, emphasizing its alignment with Malaysia’s financial sector blueprint aimed at strengthening digital infrastructures and fostering digital finance solutions. Yeoh highlighted the remarkable increase in digital transactions per capita over the years, underscoring the increasing importance of digital payments in Malaysia.

Curlec, now regulated by Bank Negara Malaysia, has gained the trust of over 1,000 businesses, including some of Malaysia’s prominent brands such as Tune Protect, CTOS, Mary Kay, and The National Kidney Foundation. In February 2022, Razorpay announced its first international expansion into Southeast Asia through the majority stake acquisition of Curlec.