Malaysia’s leading FinTech payment gateway, Curlec by Razorpay, has announced a new partnership with TNG Digital, the operator of TNG eWallet. This collaboration aims to significantly improve financial accessibility for underserved markets across Malaysia.
Curlec, which processes up to 10,000 transactions per second and serves over 2,000 merchants locally and 10 million businesses globally, will integrate directly with TNG eWallet. This integration allows Curlec to empower small and medium-sized enterprises (SMEs), unbanked individuals in rural areas, and the younger generation who lack access to debit or credit cards.
The partnership introduces the capability for recurring payments with TNG eWallet. This feature enables consumers and businesses to set up recurring payment schedules, manage billing cycles, and receive instant alerts on subscription activities through Curlec Subscriptions. Up to 88% of Malaysians prefer TNG eWallet as a payment method, claims Curlec, making this a significant step towards reaching underbanked populations.
For consumers, this means that services like gym memberships or streaming subscriptions, which typically require card details, can now be paid using TNG eWallet. This eliminates the need for debit or credit cards, offering a seamless and secure subscription experience.
Curlec’s integration with TNG eWallet also benefits SMEs by improving their cash flow. Many small businesses, including tuition centers, community gyms, and subscription-based services like rent-to-own items or self-storage facilities, will now have a reliable method to collect payments regularly. This is crucial for SMEs still recovering from the financial impacts of the pandemic, as studies indicate that 87% of Micro, Small, and Medium Enterprises (MSMEs) in Malaysia face difficulties in obtaining loans and financing from banks.
The partnership extends TNG eWallet’s reach, which already includes over two million merchants, to more businesses, especially in rural areas where card usage is limited. By providing an alternative payment method through TNG eWallet, Curlec and TNG Digital aim to enhance operational efficiency and financial management for these businesses, fostering growth in the digital economy.
