PETALING JAYA: Razer Fintech’s business-to-business arm Razer Merchant Services (RMS) aims to enable Payments Network Malaysia Sdn Bhd’s (PayNet) MyDebit Secure payment methods for 1,300 online merchants by the third quarter of 2023 in Malaysia to streamline card payment for debit and credit card holders.
With 46 million MyDebit ATM cards in circulation, the MyDebit Secure payment option would enable consumers the benefit of using their payment cards to pay for online transactions with reduced fraud risk through technological advancements such as 3-D Secure 2.0.
Razer Fintech CEO Lee Li Meng said RMS will partner PayNet to further streamline card payment for all Malaysian debit and credit card holders at its online merchant touchpoints.
“We will expand the MyDebit Secure services to our online merchants initially, and subsequently offer this to all our merchants,” he said in a statement today.
PayNet group CEO Farhan Ahmad said MyDebit Secure supports 3-D Secure 2.0 protocol which provides a safer online payment method for both merchants and end-users and improves the speed of check-out.
“With the growing adoption of digital payments and Malaysia advancing towards a cashless society, PayNet continues to enhance our payment offerings to allow merchants to position themselves for the future of commerce and cater to the needs of their customers,” added Farhan.
The first 1,300 RMS merchants with the MyDebit Secure payment option enabled are from industry verticals including insurance, health, apparel, online malls, telco, cosmetic products, entertainment, food & beverage, digital content, books and charity. These merchants would benefit from merchant discount rates and the 3DS 2.0 authentication protocol.
3-D Secure 2.0 analyses richer data to assist merchants in accepting payments only from legitimate customers, thus reducing the risk of fraud. With this additional layer of security, MyDebit cardholders performing MyDebit Secure transactions can enjoy less friction with a faster check-out experience as the One-Time Password may not be necessary for all transactions. Additionally, the liability for chargebacks due to fraud shifts from the merchants to the issuing bank.
Razer Fintech is the financial technology arm of Razer Inc.