Razer Cash expects growth spike during Ramadan

KUALA LUMPUR: Payment gateway Razer Merchant Services Sdn Bhd expects a 160% rise in growth for its new convenient cash payment service Razer CASH during the Hari Raya season.

The number of transactions per day has jumped to more than 10,000 since its partnership with regional e-commerce player Lazada Group and convenience store chain 7-Eleven Malaysia Sdn Bhd in May this year.

"Traditional payment is the new e-commerce innovation. A considerable large number of Malaysians still prefer paying by cash over credit cards or online banking. Razer CASH provides an alternative payment solution for merchants to broaden their customer base," said Razer Merchant Services CEO Eng Sheng Guan.

Citing a study by performance marketing technology company Criteo, Eng said the three weeks leading up to Ramadan, and more specifically, the third week of Ramadan represent the biggest opportunity for online retailers. During this period, the study states there was an average of 67% uplift in online retail sales and 14% uplift in online travel sales.

Through its online-to-offline method, Raya shoppers can order products from online merchants and pay conveniently at 7-Eleven's over 2,100 outlets nationwide. No bank account or credit or debit card is needed and the entire process only takes an average of two minutes, he said.

Apart from the Alibaba-backed Lazada, Razer Merchant Services expects to sign-on more e-commerce businesses by year-end. Razer CASH also serves international brand UNIQLO, travel booking platform Traveloka and online beauty shop Hermo.

"Adopting Razer Cash will open wider business opportunities by both established and smaller online players to seize more than half of the market that prefer fraud-free, traditional cash payments. All these online businesses need to do is enable the service and they can start to enjoy noticeable growth in sales every month," added Eng.

Repost from The Sun Daily