Following this announcement, Curlec by Razorpay was made a non-bank member of the national payments network and infrastructure, Payment Network Malaysia Sdn Bhd (PayNet).
This membership is set to allow Curlec to drive nationwide adoption of real-time payments through DuitNow, the Malaysian payment solution that was designed to enable real-time payments between locally registered bank accounts. The product also gives users the capability to transfer and receive funds instantly by using their mobile device and their national identification number, without the need for a bank account number.
The Curlec by Razorpay will be leveraged in order to build a safe, customer-first, and efficient payment infrastructure for clients and individuals in Malaysia. In addition, Curlec aims to accelerate the process of developing a cashless society in the region.
India-based Razorpay provides its omnichannel payments ecosystem in order to enable merchants and traders to adopt hybrid approaches so they can reach their customers and users faster and more efficiently. The firm had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In October 2023, the company launched a payment infrastructure called Optimizer, which represented an AI-powered system that was designed to protect businesses from annual losses of over USD 841 million due to transaction failures.
Following this announcement, Razorpay developed an AI-powered payments infinity router as well, aimed at improving the manner in which businesses in India made informed routing decisions when working with multiple payment gateways. According to the press release published at the time, businesses and firms were allowed to set their own rules in order to route transactions to different payment gateways. This was set to optimise the payment processing costs of businesses and ensure higher success rates on transactions. The main focus of the company was set on eliminating payment failures due to gateway downtime, as well as over-dependence on one single gateway.
Earlier in September 2023, Razorpay announced the acquisition of BillMe, a digital invoicing and customer engagement startup company. Throughout this collaboration, Razorpay was set to merge its omnichannel payments ecosystem with BillMe’s digital Sale Bill, focusing on using the multi-dimensional tool to provide benefits to both merchants and users.
The aim of the firms was to develop a platform that gave businesses the possibility to have an interactive channel for ongoing engagement, and feedback, as well as improved tools for understanding and meeting the needs, preferences, and demands of their clients.
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