Fintech firm Razorpay has launched an international payment gateway in Malaysia, saying it will 'revolutionise' how businesses and consumers in the Southeast Asian country deal with money.
The company launched this service with its subsidiary Curlec by Razorpay.
"The new Curlec Payment Gateway will serve more than 5,000 businesses with a target of RM (Malaysian Ringgit) 10 billion in annualised Gross Transaction Value (GTV) by 2025," said Razorpay in a statement on Wednesday.
The service simplifies payment collection, automates payouts, and helps businesses of all sizes to control cash flows.
"We believe the new PG (payment gateway) in Malaysia will revolutionise how businesses and end-consumers have transacted and interacted with the money thus far. Having witnessed India's payment geography and finding similarities with Malaysia, I can say that collaboration, innovation, and customer-centricity will be the three keys to unlocking the potential of digital payments and driving economic growth in Malaysia," said Shashank Kumar, managing director and co-founder of Razorpay India.
The company will use in the Malaysian market some strategies it has used in India. Razorpay works with more than 700 Malaysian businesses that include Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation.
"Driven by the goal of simplifying payments for Malaysian start-ups and enterprises, Curlec will continue to build a stronger focus on customer needs, and the new PG will serve our Malaysian businesses with industry-first solutions, uncompromised support, and help scale their businesses seamlessly," said Zac Liew, co-founder and chief executive officer of Curlec.
Citing reports, Razorpay said digital trade in Malaysia contributes 22.6 per cent to the country's gross domestic product (GDP) and is expected to rise to 25.5 per cent by 2025.