"Razer Merchant Services is very proud to partner with PayNet to further streamline card payment for all Malaysian debit and credit card holders at our online merchant touchpoints. We will expand the MyDebit Secure services to our online merchants initially, and subsequently offer this to all our merchants, with the support of PayNet, to ensure frictionless and seamless payments are available to all card holders," said Lee Li Meng, CEO at Razer Fintech.

"With the growing adoption of digital payments and Malaysia advancing towards a cashless society, PayNet continues to enhance our payment offerings to allow merchants to best position themselves for the future of commerce and cater to the needs of their customers. MyDebit Secure which supports the 3-D Secure 2.0 protocol provides a safer online payment method for both merchants and end-users and also improves the speed of check-out," said Farhan Ahmad, Group Chief Executive Officer of PayNet.

3-D Secure (3DS) 2.0 analyzes richer data to assist merchants in accepting payments only from legitimate customers, thus reducing the risk of fraud. With this additional layer of security, MyDebit cardholders performing MyDebit Secure transactions can enjoy less friction with a faster check-out experience as the One-Time Password (OTP) may not be necessary for all transactions. Additionally, the liability for chargebacks due to fraud shifts from the merchants to the issuing bank.

The first 1,300 RMS merchants with the MyDebit Secure payment option enabled are from industry verticals such as Insurance, Health, Apparel, Online Malls, Telco, Cosmetic Products, Entertainment, Food & Beverage, Digital Content, Books and Charity. These merchants would benefit from competitive Merchant Discount Rates (MDR) and the 3DS 2.0 authentication protocol.

Hashtag: #RazerMerchantServices #RazerFintech #PayNet #MyDebit

The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach (www.media-outreach.com)
2. ^{^} e-Conomy SEA 2021 report, (economysea.withgoogle.com)