PETALING JAYA: Curlec by Razorpay, the full-stack payments solution provider, is now a member of the national payments network and infrastructure, Payments Network Malaysia Sdn Bhd (PayNet).
As the first new member of PayNet since 2019, Curlec is now empowered to drive the adoption of real-time payment processing across a wider cross-section of Malaysia than before. Curlec’s membership to PayNet will see the former adopting the DuitNow product suite, allowing their customers to make and receive real-time payments from bank accounts and e-wallets. The move allows Curlec to support BNM’s aspirations to create a cashless society.
Curlec by Razorpay co-founder and CEO Zac Liew said, “It excites us to see the momentum our ‘Payments Uncompromised’ approach is building, especially by becoming the newest member of PayNet since 2019. Since launching our Payment Gateway in July, we are now processing in excess of RM2 billion annually and serving over 1,000 merchants. This sets the platform for Curlec to bring further innovation to Malaysia’s digital payment landscape, as well as scale DuitNow to the next level with our expertise in real-time payments – both in India and Malaysia.”
He added that Malaysia continues to take steps through its financial blueprint towards a cashless society with the aim of e-payment per capita increasing at over a 15% compound annual growth rate by 2026.
“The target growth of Malaysia’s digital payments sets the path for the Curlec Payment Gateway’s target to serve more than 5,000 businesses with RM10 billion annualised gross transaction value by 2025,” he said.
Razorpay chief business officer Rahul Kothari said Malaysia is an important strategic market for them as they see plenty of similarities with the Indian payments market, and this membership reinforces their commitment to delivering world-class technology on a global scale.
“I believe that we can help play a pivotal role in driving the adoption of DuitNow, similar to how we helped scale UPI in India,” he added.
PayNet chief commercial officer Gary Yeoh said Malaysia’s financial sector blueprint seeks to future proof key digital infrastructures to enable more digital finance solutions, and Curlec’s Payment Gateway is a welcome addition to their momentum in the blueprint.
“Digital transactions per capita have more than quadrupled, spiking from 49 in 2011 to over 221 in 2022. With the expectation that the number will reach over 400 by 2026, Curlec’s adoption of DuitNow is another ship lifted on the rising tide of digital payments,” he added.