on Wednesday announced the launch of its first international payment gateway for the Malaysian market with Curlec. In February last year, Razorpay had acquired a majority stake in the Malaysia-based startup which is now known as
The launch, Razorpay said, will enable it to further widen its reach in the international markets and make its capabilities available in emerging markets. Curlec currently works with more than 700 Malaysian businesses including Tune Protect, CTOS, Courts, and Mary Kay. The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM10 billion in annualised gross transaction value (GTV) by 2025.
As per recent reports, digital trade in Malaysia today contributes to 22.6% to the country’s GDP and is expected to rise to 25.5% by 2025, reflecting significant economic activity. By boosting digital technology adoption and leveraging digital trade opportunities, Malaysia and its businesses have the potential to achieve as much as 150% increase in economic activity, reaching $52.7 billion by 2030.
“When we joined forces with Curlec, our one single vision was to build products catering to the needs of the SEA region, and today the Curlec Payment Gateway is a first step in that direction. We believe the new PG in Malaysia will revolutionise how businesses & end-consumers have transacted and interacted with the money thus far,” said Shashank Kumar, MD & Co-Founder, Razorpay.