Razer Merchant Services has partnered with KK SUPER MART to enable Razer Cash for online Shopee purchases, in an effort to encourage e-commerce participation among the unbanked segments of Malaysians.
Razer Cash is a payment option that e-commerce customers can utilize to make cash payments for their online purchases by getting the transaction codes scanned at RMS’ physical acceptance points, such as KK SUPER MART.
The cash over the counter service is a key driver of foot traffic to create potential sale conversions at the point of transactions. This collaboration between RMS and KK SUPER MART at the latter’s 540 outlets across Malaysia intends to make cash payments for e-commerce transactions accessible in rural and urban areas.
This offline to online (O2O) payment method encourages the financial inclusion of the unbanked segments in the Southeast Asian digital economy, which is expected to grow to over US$300 billion by FY2025, according to the Google-Temasek eConomy report.
“RMS’ collaboration with KK SUPER MART will expand the physical acceptance points and provide Shopee’s merchants access to potential customers who do not have credit cards or bank accounts,” said Lee Li Meng, CEO of Razer Fintech.
“Razer Cash makes it possible for the underserved market demographics, including students, teens, foreign workers, and elders, to be participate in e-commerce activity, while helping merchants such as Shopee gain access to a wider and untapped customer base.”
“KK SUPER MART has always focused on customer convenience in every way possible and through this collaboration with RMS, it further adds to that value. With Razer Cash, we also hope to enable those in rural areas who prefer to use cash to shop online conveniently, as our 540 outlets nationwide provide the accessibility.” said Datuk Seri Dr KK Chai, Founder and Executive Chairman of KK SUPER MART & SUPERSTORE SDN BHD.