SHAH ALAM, MALAYSIA - Media OutReach - 12 May 2022 - Razer Merchant Services ("RMS"), the B2B arm of Razer Fintech, has partnered with Discover® Global Network, the global payment brand of Discover Financial Services, as the first acquirer to enable Discover Global Network card acceptance at online merchants in Malaysia. By 2023, RMS aims to enable 2000 e-commerce merchants in Malaysia to accept by Diners Club International®, Discover® and affiliate network cards for online transactions.
By enabling the card scheme, local merchants would access a significant global customer segment with a diversified payment acceptance as the e-commerce industry continues to experience increased growth. GlobalData's E-Commerce Analytics reports that e-commerce payments in Malaysia is estimated to increase at a Compound Annual Growth Rate of 18.3% from RM 28.5 billion ($7.1bn) in 2021 to RM 55.7 billion ($13.8bn) in 2025.
This collaboration offers a strategic advantage for RMS merchants to tap into the billion-dollar market with Discover Global Network and reach more than 280 million cardholders worldwide.
"This partnership cements RMS' continued leadership in enabling a plethora of comprehensive payment channels for our online merchants, thus, providing diverse payment options for their customers. RMS merchants can further expand their business reach by casting a wider net in the regional and global market as we look to replicate our offerings with Diners Club International and Discover across Southeast Asia," said Lee Li Meng, CEO of Razer Fintech.
"This partnership between Razer Merchant Services and Discover is pivotal in expanding the Malaysian e-commerce market to our global partners," said Jonathon Gould, regional managing director, global acceptance, Asia Pacific at Discover. "We are committed to continuously providing great benefits and convenience to our cardholders around the world by offering options to make online payments more seamless across borders."
Cost-reduction methods through a single seamless integration through RMS will benefit e-commerce merchants while providing a variety of payment methods to drive e-commerce sales locally and globally. Cardholders on Discover Global Network can seamlessly pay RMS merchant by selecting the "Diners Club International or Discover" option as the preferred payment channel, filling up the details and completing the payment, reducing yet another barrier for global e-commerce operations.
