We’ve always believed that every touch point for a business, when accepting payments online, needs to be easy to use, efficient, and fast. Earlier this year, having taken this vision beyond India’s borders, we announced our International Payment Gateway, developed for the Malaysian market – Curlec by Razorpay.
With the digital payments market in Malaysia projected to soar by an impressive 17.06% between 2023 and 2027, culminating in a market volume of $41.74 billion in 2027, the prospects are incredibly promising. This exponential growth reflects the changing tides of financial technology, setting the stage for Malaysia to embrace a future where efficiency, speed, and simplicity define the payments experience for businesses and consumers alike.
A New Milestone
In tune with the tide, we are thrilled to announce that Curlec by Razorpay has received the license to acquire merchants in Malaysia and the ‘Curlec by Razorpay’ payment gateway will now be regulated by Bank Negara Malaysia (BNM). Furthermore, we’re excited to share that Curlec by Razorpay is now a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets.
Just as we’ve diligently worked to establish the financial backbone for businesses in India and worldwide, we are equally resolute in ensuring a secure and compliant payment infrastructure in Malaysia. With this milestone, we are on an exciting journey to provide businesses and consumers in Malaysia with a seamless, efficient, and innovative payments experience.
Paving the Way for a Cashless Malaysia
Being the first new member of PayNet since 2019, Curlec by Razorpay aims to drive the adoption of DuitNow, enabling real-time payment processing across Malaysia. Comparable to India’s UPI (Unified Payment Interface), DuitNow facilitates immediate fund transfers and receipts by using just one’s mobile number and national identification number, eliminating the necessity for a conventional bank account number. This strategic move positions Curlec to actively contribute to Bank Negara Malaysia’s vision of cultivating a cashless society where payments are seamlessly sent and received.
“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% CAGR 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 annualized gross transaction value (GTV) by 2025,” said Zac Liew, Co-Founder & CEO of Curlec by Razorpay.
Bringing together India’s renowned technological capabilities and an in-depth understanding of the Malaysian payments landscape, Curlec by Razorpay’s mission is clear: to provide enterprises with a versatile payment gateway that not only accepts payments but also streamlines payouts, freeing up their bandwidth to prioritize what matters most – their customers.
Years of hands-on experience in navigating the intricate and ever-evolving Indian market have uniquely equipped us to confront diverse challenges and solve payment-related issues on a global scale. The innovative Curlec Payment Gateway sets its sights on serving more than 5,000 businesses in Malaysia, with a bold vision to reach an annualized Gross Transaction Value (GTV) of RM10 billion by 2025. We’re dedicated to propelling Malaysian businesses to new heights through cutting-edge technology and local insights, forging a seamless path for their payment needs.
The Road Ahead…
As we embark on this exciting journey, the road ahead is filled with possibilities. Curlec by Razorpay is poised to usher Malaysian businesses into an era where payments are simpler, faster, and more efficient than ever before. With the license to acquire merchants in Malaysia for Curlec, and PayNet membership, our commitment to facilitating a seamless payments experience is stronger than ever. We look forward to continuing our mission of transforming the payments landscape, one transaction at a time, and are excited about the endless opportunities it holds for businesses in Malaysia and beyond. Together, we’re embracing a future where payments are a source of empowerment, efficiency, and innovation.