Curlec by Razorpay Joins PayNet

Published 8 months ago

Malaysian payments firm, Curlec by Razorpay, has recently become a member of the Payments Network Malaysia (PayNet). This marks the first new PayNet membership since 2019.

Curlec’s Access to DuitNow Product Suite

As a PayNet member, Curlec will now be able to implement the DuitNow product suite. This will provide its customers with the ability to make and receive real-time payments from both bank accounts and e-wallets.

Leveraging Innovations from the Razorpay Group

Moreover, Curlec can now take advantage of the innovations established around real-time payments in India by the Razorpay Group. Notably, the Unified Payment Interface (UPI) from the group processed 74 billion transactions in 2022 and has seen an average growth of 380% since 2016.

Razorpay’s Acquisition and Curlec’s Transformation

The Indian payment gateway provider, Razorpay, had earlier this year acquired a majority stake in Curlec. This acquisition has allowed Curlec to evolve from a dedicated recurring payments solution to a comprehensive payment gateway for businesses of all sizes.

Curlec’s Client Base and Future Targets

Regulated by Bank Negara Malaysia, Curlec boasts over 1,000 clients, which includes notable names like Tune Protect, CTOS, Mary Kay, and The National Kidney Foundation, among others.

Curlec’s Co-founder and CEO, Zac Liew, has stated that following the launch of their payment gateway, they are now processing in excess of RM2 billion annually and catering to over 1,000 merchants. Looking ahead, they aim to serve more than 5,000 businesses with RM10 billion annualised gross transaction value (GTV) by 2025.

PayNet’s Vision for Digital Finance

PayNet’s Chief Commercial Officer, Gary Yeoh, has highlighted that Malaysia’s Financial Sector blueprint is focused on futureproofing key digital infrastructures to facilitate more digital finance solutions. He added that digital transactions per capita have increased from 49 in 2011 to over 221 in 2022 and are expected to reach over 400 by 2026. In this context, Curlec’s adoption of DuitNow represents a significant step in the rising tide of digital payments.