Curlec by Razorpay in tie-up with TNG Digital
Partnership aims to enhance financial accessibility for both merchants and consumers in underserved markets
Malaysia’s leading FinTech payment gateway Curlec by Razorpay which processes up to 10,000 transactions per second and serves a vast range of clientele with over 2,000 merchants locally and over 10 million businesses served globally, has partnered with TNG Digital to empower underserved markets to improve financial accessibility for merchants and consumers nationwide.
This includes small and medium-sized enterprises (SMEs), unbanked individuals in rural areas, and the younger generation lacking access to debit or credit cards.
Curlec co-founder and CEO Zac Liew said while many payment gateways have partnered with TNG eWallet for one-off payments, they are one of the first payment gateways in the market to offer recurring payments with TNG eWallet.
Since Curlec’s establishment, he added recurring payments have been one of their most important focus areas.
“Today, consumers and businesses alike
can enable recurring payment schedules, control the billing cycle and get instant alerts on subscription activity with Curlec subscriptions,” he said.
This partnership, Liew said will benefit many Malaysian businesses and consumers. Up to 88% of Malaysians prefer TNG eWallet as a payment method. With such a high market penetration rate, leveraging TNG eWallet as a payment method would reach the underbanked and those who cannot obtain credit cards.
“For consumers, gym memberships or streaming services usually require card details for a monthly subscription. Being among the selected few to be integrated with the TNG eWallet means consumers no longer require a debit or credit card. They can now key in their TNG eWallet information and subscribe to recurring payments seamlessly and safely,” he added.
Utilising Curlec’s payment gateway with TNG eWallet empowers SMEs to collect payments regularly, which would help in their overall financial cash flow.
As such, small businesses such as tuition centres, community gyms or any subscriptionbased business such as rent-to-own items, or self-storage facilities would benefit from Curlec’s payment gateway which offers recurring payment on the TNG eWallet.
To date, the TNG eWallet has reached over two million merchants. This partnership aims to extend TNG eWallet’s reach to more merchants, making financial services accessible to all.
“This also applies to merchants or businesses located in rural areas, where card penetration is not as high. Payment choices are more inclined towards TNG eWallet. This is a game-changer for any small medium businesses looking for financial stability,” added Liew.
TNG Digital CEO Alan Ni said, “Our collaboration with Curlec aligns perfectly with TNG Digital’s commitment to democratising financial access in Malaysia, fostering a financially empowered society. Through this partnership, more people including consumers, businesses, and organisations, will enjoy the advantages of recurring eWallet payments.”