Razer Merchant Services (RMS), the business-to-business division of Razer Fintech, has recently announced a significant development in its operations. The company has successfully obtained Visa’s Direct Acquiring license in Malaysia, Singapore, and the Philippines, as part of a strategic regional partnership.
As a result of this partnership, RMS is now certified with the Visa Token Service (VTS), enabling the provision of secure and encrypted card payment services during transactions for merchants. The collaboration with Visa aims to expand the card scheme in these countries across various industry sectors, including hawker stalls, e-hailing services, market traders, on-demand services, e-sports, government institutions, and educational establishments.
Among the range of Visa solutions offered by RMS to its merchants, one notable addition is the Rapid Seller Onboarding (RSO) system. This digital onboarding platform incorporates due diligence, risk scoring, and underwriting processes to facilitate the approval and integration of merchants. Merchants can conveniently sign up through RMS’ digital onboarding portal, while comprehensive background checks and compliance procedures are carried out.
RMS further enhances its holistic card scheme payment ecosystem with the introduction of the RMS Virtual Terminal app. This innovative application transforms merchant smartphones into payment terminals, leveraging the existing network of over 40,000 QR payment touchpoints. Through Tap-on-Phone technology, the VT App seamlessly enables contactless card acceptance, providing an efficient and cost-effective alternative to traditional terminal deployments.
To support the digital migration of Small and Medium Enterprises (SMEs), RMS is introducing a fully digital onboarding process for merchants, aimed at accelerating enrollment and underwriting procedures. This streamlined approach enables SMEs and micro-merchants, such as hawkers, to begin processing payments within minutes of signing up on the RMS website.
Additionally, RMS places a strong emphasis on security measures to protect its customers. By leveraging the VTS solution, an additional layer of security is implemented. Through the tokenization process, customer data is encrypted and replaced with a unique token known only to Visa. This ensures that the underlying card details remain secure, offering customers peace of mind when transacting at RMS merchant businesses.
With these recent developments, Razer Merchant Services continues to demonstrate its commitment to providing innovative and secure payment solutions for businesses, while facilitating the digital transformation of merchants across Southeast Asia.
