Razer Merchant Services (RMS), the B2B arm of American-Singaporean FinTech Razer, is expanding its merchant offerings by integrating Alipay+ solutions into more than 60,000 online and offline merchants across Malaysia.
According to a company news release Tuesday (April 5), Alipay+ will be added to payment touchpoints for RMS offline merchants from Malaysia’s retail, business and food and beverage sectors. Launched by China’s Ant Group in 2020, Alipay+ is a suite of digital payments and marketing tools for businesses.
“These merchants, familiar with accepting payments made by Chinese visitors using Alipay, can now process cross-border payments made by a wider range of leading global e-wallets and mobile bank apps and gain access to over one billion global consumers with one single technical solution,” the release said. “Moreover, with one-time deployment, merchants can access all future digital payment methods supported by Alipay+.”
Meanwhile, RMS has also integrated Alipay+ solutions for online merchants in Malaysia from the tourism, grocery, food and beverage, and eHailing segments, including Riding Pink Sdn Bhd, the first all-women e-hailing service.
“The growth of eCommerce around Southeast Asia has rapidly increased the adoption of e-wallets, and RMS is proud to be partnering with Ant Group to contribute to this expansion,” said Lee Li Meng, CEO of Razer Fintech.
In 2020, Malaysia logged 338 million mobile wallet transactions valued at $5.5 billion, a number that’s expected to hit $28.2 billion by 2025.
As PYMNTS noted last year, Malaysia — which had been a heavily cash-reliant country before COVID-19 — became one of the world’s most enthusiastic mobile wallet adopters following the pandemic. Overall, mobile wallet adoption rose to an historic high of 46% in 2020, compared to 40.6% in 2019 and 18.9% in 2018.