SHAH ALAM – Razer Merchant Services (RMS), the B2B arm of Razer Fintech has partnered with mobile wallet ShopeePay. The partnership will enable ShopeePay as an accepted payment option for all Burger King and 99 Speedmart branches in Malaysia, in a bid to expand cashless offerings to consumers nationwide.
Along with RMS’ network of over 50,000 merchants, the collaboration aims to expand ShopeePay’s offering to drive foot-traffic into merchant’s physical stores. This announcement is timely as reports showed increased usage of mobile wallets at point of sale (POS) payments worldwide, rising from 19.5% in 2019 to 25.7% in 2020.
This surge is expected to continue globally as POS payments made with mobile wallets are expected to reach 33.4% in 2024.
“The preferred payment options in Malaysia are shifting as mobile wallets adoption rates are increasing, while cash payments are declining. We are positive that our partnership with ShopeePay can be a game-changing initiative to boost contactless transactions offline, especially among their e-commerce users,” said Lee Li Meng, CEO of Razer Fintech.
As ShopeePay is integrated in e-commerce platform, Shopee, it already serves tech-savvy, online-first customers. Head of ShopeePay Malaysia, Alain Yee said “ShopeePay has a strong online presence and we are working closely with Razer Merchant Services as part of our focus to scale our offline presence aggressively nationwide this year.
“As such, this partnership with household names like 99 Speedmart and Burger King is a step in the right direction. Being able to engage with digital natives easily and establish the right partnerships as well as our cashback programmes, we are confident that ShopeePay is poised to capture the Malaysian market.”
The cashless payment solutions partnership aims to give Shopee’s large base of customers ease of use and accessibility at retail outlets. Burger King and 99 Speedmart, the first retail businesses in RMS’ network that have adopted this payment option have more than 2000 outlets nationwide combined. The advantage of having multiple touchpoints with customers will drive higher sales and benefit offline retailers over their competitors.
In celebration of this partnership, Shopee is running exclusive campaigns with 99 Speedmart and Burger King. ShopeePay users are entitled to a one-time RM4 cashback when they spend a minimum of RM20 at 99 Speedmart from now till 31 July 2021.
Likewise, ShopeePay users will be entitled to a one-time RM4 cashback when they spend a minimum of RM20 at Burger King from 1 July 2021 till 31 August 2021.
Razer Merchant Services serves as a leading Online to Offline (O2O) digital payment network, expanding additional O2O offerings to its merchants with features such as Razer Cash and the Virtual Terminal Application.
The Razer Cash feature enables RMS’ merchants to offer consumers without bank cards or accounts to pay for e-commerce goods by paying with cash at selected convenient stores. This feature looks to benefit students, teens, foreign workers, and elders.