- Razer Merchant Services (RMS) has obtained Visa’s Direct Acquiring license in the Philippines, Singapore, and Malaysia, allowing them to offer secure card payment services to merchants.
- They are also certified with Visa Token Service (VTS) and offer Rapid Seller Onboarding (RSO) to streamline the merchant onboarding process.
- RMS aims to empower Small & Medium Enterprises (SMEs) by introducing a fully digital onboarding process, enabling quick enrollment and underwriting for SMEs and micro-merchants.
Global payment gateway Razer Merchant Services (RMS), the business-to-business (B2B) arm of Razer Fintech, has recently secured Visa’s Direct Acquiring license in the Philippines, Singapore, and Malaysia. The acquisition has led to RMS being certified with Visa Token Service (VTS), enabling the company to offer Rapid Seller Onboarding (RSO).
Razer Merchant Services Scores a Win with Visa
Accordingly, RMS has obtained certification with Visa Token Service (VTS), enabling it to offer secure and encrypted card payment services to merchants. The partnership is set to extend its card schemes industries such as hawkers, e-hailing, market traders, on-demand services, e-sports, government, and education.
In addition, it will now also be able to offer a comprehensive suite of Visa solutions to its merchants through the Rapid Seller Onboarding (RSO). RSO is a digital onboarding, due diligence, and underwriting solution that streamlines the merchant onboarding process.
Through RMS’ digital onboarding portal, merchants can conveniently sign up online while background checks and compliance assessments are performed.
Further, the media release stated that RMS’ VT app will turn merchant smartphones into payment terminals by adding contactless card acceptance to its 40,000 QR payment touchpoints via its Tap-on-Phone feature.
Bridging Digital Gap: RMS’ Impact on SMEs
In a statement, the firm said it will be focused on supporting Small & Medium Enterprises (SMEs) with their digital transformation by introducing a fully digital onboarding process. This streamlined process enables SMEs, including micro-merchants like hawkers, to quickly enroll and complete underwriting, allowing them to start accepting payments within minutes of signing up on the RMS website.
“RMS wants to empower more SME merchants with the ability to reach millions of cards and accounts across Southeast Asia. Through this partnership with Visa, RMS streamlines our initiatives of digitising payments for merchants across the Philippines, Singapore and Malaysia,” said Lee Li Meng, CEO of Razer Fintech.
Lee affirmed that the firm is working to replicate the move in other Southeast Asian countries, such as Thailand, Indonesia, Taiwan, and Hong Kong. He added that RMS merchant’s customers will also benefit from a secure and improved payment experience through its new VTS solution.
To enhance security, RMS leverages Visa Token Service (VTS), which replaces customers’ card details with encrypted tokens known only to Visa. This additional layer of protection ensures the confidentiality of sensitive information, providing peace of mind for customers transacting at RMS merchant businesses.
Visa’s Head of Merchant Sales and Acquiring for Asia Pacific, Neil Mumm, expressed his excitement at the new collaboration with RMS, which the company expects to accelerate the digitization of payments in the Philippines, Singapore, and Malaysia.
“Many small businesses recognise the need to digitize payments yet they lack the resources and know-how to do so. This is why, at Visa, we create solutions to make merchant onboarding more seamless, and to help merchants accept Visa card payments easily and securely,” he stated.
Revisiting Razer’s Blockchain Initiatives
In 2018, RazerPay, the e-payment platform by Razer, teamed up with United Overseas Bank’s fintech accelerator, “The FinLab,” to conduct blockchain-powered remittance trials. The collaboration aimed to lay the groundwork for the successful expansion of Razer Pay across Southeast Asia.
Razer is a global gaming hardware manufacturer that offers gaming equipment, and wearables, it operates an e-payment platform called Razer Pay which facilitates online transactions for gaming and other purposes. It is a Bangko Sentral ng Pilipinas-licensed Non-Bank Financial Institution (NBFI) electronic money issuer (EMI).
This article is published on BitPinas: RMS Secures Visa’s Full Solutions Suite in PH, SG, and MY
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