Razorpay announced expanding its footprint by obtaining a license to acquire merchants in Malaysia for Curlec. Additionally, 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.
The ‘Curlec by Razorpay’ payment gateway is now regulated by Bank Negara Malaysia (BNM) and committed to being a fully compliant organization. With this Razorpay aims to build a safe, customer-first, and innovative payment infrastructure for Malaysia.
Curlec is now empowered to drive the adoption of DuitNow, real-time payment processing across a wider cross-section of Malaysia than before. DuitNow is similar to UPI and allows one to transfer and receive funds instantly using just their mobile number and national identification number, without needing a bank account number.
“We are thrilled to become a member of PayNet and full-heartedly support
Bank Negara’s vision of empowering consumers and businesses of Malaysia to become a cashless society. Malaysia is an important strategic market for us as we see plenty of similarities with the Indian payments market. 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,” said Rahul Kothari, Chief Business Officer, Razorpay.
This move allows Curlec to support BNM’s aspirations to create a cashless society. Curlec believes that India’s real-time payments technology will prove instrumental to the adoption of DuitNow payments in Malaysia, due to the scale and success UPI has achieved in the Indian market.
