Tuesday, 25 June 2024

Curlec partners with TNG Digital for SME payments

5 min read

Curlec by Razorpay announced a partnership with TNG Digital, one of Malaysia's largest integrated fintech players and the operator of TNG eWallet.

Curlec, one of the leading fintech payment gateways in Malaysia, processes up to 10,000 transactions per second and serves over 2,000 local merchants and 10 million businesses globally.

Directly integrated with the TNG eWallet, this enables Curlec to work collaboratively 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.

Zac Liew, co-founder and CEO of Curlec, said: “While many payment gateways have partnered with TNG eWallet for one-off payments, we are delighted to be one of the first payment gateways in the market to offer recurring payments with TNG eWallet."

Since Curlec’s establishment, recurring payments have been one of our 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.

“This partnership will truly 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,” he said.

Reaching the unbanked

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.

Committed to serving underserved merchants and customers, Curlec now has an additional recurring payment method with TNG eWallet in addition to two major instruments including cards such as Visa, Mastercard and online banking utilising direct debit.

With more than 60% market share, TNG eWallet provides a familiar and trusted payment platform for underserved communities. Through this partnership, the unbanked and younger audiences can seamlessly make payments by opting for recurring payments through TNG eWallet with Curlec, alleviating concerns about the need for a debit or credit card.

Post-pandemic, SMEs are still experiencing cash flow issues. Studies have shown that 87% of micro, small, and medium enterprises (MSMEs) in Malaysia have encountered challenges obtaining loans and financing from banks.

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 subscription-based 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. It empowers micro and small businesses to flourish in the digital economy by enhancing their operational efficiency and financial management.

“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.

Serving the underserved to create a cashless society

Alan Ni, CEO of TNG Digital 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.”

Alan emphasised: “As Malaysia’s largest eWallet, we're poised to bridge gaps, foster financial inclusion, and empower over 21 million verified eWallet users nationwide with seamless transactions and tailored financial solutions. This is particularly impactful for areas with limited card usage.”

This partnership goes in line with Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026 which aims to advance the digitalisation of the financial sector through the support of a vibrant digital financial services landscape.

Re-disseminated by The Asian Banker

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