Curlec, a full-stack payments solution provider under Razorpay, has become a member of Payments Network Malaysia Sdn Bhd (PayNet). This a significant move set to promote real-time payment adoption across Malaysia. Being the first new PayNet member since 2019, Curlec’s inclusion empowers them to drive wider adoption of real-time payment processing which aligns with Bank Negara Malaysia’s (BNM) vision for a cashless society.
With this membership, Curlec will adopt PayNet’s DuitNow product suite This will allow its customers to conduct real-time payments from bank accounts and e-wallets. This will bolster the services it offers its merchants including renowned brands such as Tune Protect, CTOS, Mary Kay, and The National Kidney Foundation.
Curlec brings valuable insights and expertise from the Razorpay Group, which pioneered India’s Unified Payment Interface (UPI). UPI is the world’s largest digital payments market having processed 74 billion transactions in 2022 alone. The success of UPI in India, growing at an average of 380% since its launch in 2016, positions Curlec to drive the adoption of DuitNow payments in Malaysia effectively.
Zac Liew, Co-Founder & CEO of Curlec by Razorpay, emphasized the momentum they are building with their “Payments Uncompromised” approach. Curlec’s Payment Gateway has rapidly gained traction, processing over RM2 billion annually and serving more than 1,000 merchants. This paves the way for Curlec to innovate the digital payment landscape in Malaysia and scale DuitNow payments to the next level.
Liew outlined the broader vision, stating, “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.”
Rahul Kothari, Chief Business Officer at Razorpay, expressed enthusiasm for their substantial investment in Malaysia’s domestic payment ecosystem. He sees parallels between the Malaysian and Indian payments markets, making Malaysia a key strategic market for them. Kothari believes they can play a pivotal role in promoting DuitNow adoption, similar to their role in scaling UPI in India.