Southeast-Asia’s Leading Merchant Payment Services
SEA fintech fast mover IOUpay (ASX:IOU) is continuing to expand its footprint in Malaysia, after signing an agreement with Razer Merchant Services (RMS).
The one-year, renewable deal will see RMS refer and onboard its network of more than 50,000 merchants to utilise IOU’s BNPL payment services.
In addition to the physical in-store merchant sites, Razer’s merchants include the online e-commerce sites for many major global brands.
Razer will also be responsible for the integration of IOUpay’s BNPL service offering with the acquired merchants’ webpages and e-commerce platforms, along with ensuring that IOUpay’s logo and other branding materials are properly displayed.
The deal is set to give IOUpay strategic partner access to selectively acquire Razer’s quality merchants and customers. With systems integration and automatic onboarding, the deal should facilitate low-cost mass market penetration for IOUpay’s BNPL platform myIOU which will be officially launched in Malaysia today.
RMS has been established for over 15 years, and is now one of Malaysia’s largest merchant services and e-payment networks under the Razer Inc. group of companies.
It’s also one of the leading payment gateway providers in Southeast Asia, processing online and offline payments for blue-chip merchants operating in the region.
Today’s deal is not the first time that IOU has struck an agreement with Razer.
In May, IOUpay signed a deal with RMS Reloads, a Razer Fintech company, to provide collection agency services that will enable IOUpay customers to make over the counter BNPL instalment payments at any merchant across RMS’s extensive network of more than 10,000 physical retail outlets in Malaysia.
IOUpay therefore sees today’s agreement as far from just another merchant referral deal, but instead one that will further deepen its relationship with Razer – a strategic partner who manages payment processing and related services for 50,000+ merchants in Malaysia alone.
“This deal recognises the deepening relationship that we’re building with Razer,” said Paul Russell, an IOUpay non-executive director, who Stockhead caught up with recently.
“It’s all about establishing strong ties with a quality partner who manages a significant community of digital economy merchants and consumers.”
However, Russell said that out of the pool of 50,000+ merchants, the company plans to onboard only those who will fit into IOU’s own branding.
“We will go through a selection process with RMS, and we’ll be working and onboarding only those merchants who are going to work best with our BNPL product and premium brand values,” he told Stockhead.
He explained that Razer’s well-established and highly credible reputation aligns with IOUpay’s values and makes the company a great partner to launch its BNPL app offering myIOU, which is to be officially launched in Malaysia today with an impressive virtual launch event including Malaysian digital economy dignitaries and commercial partners.
Repost from: Stockhead.