Fiuu is Well Positioned to Support the Exponential Growth of Digital Payment in Malaysia

June 18, 2021

Online merchants and consumers alike have grown accustomed to online transactions being accessible, efficient, and safe.

But given the technological advances in smartphones and e-wallets, shifting purchase patterns, and demand for cross-border, multi-currency electronic payments, there is a need for payment service providers to innovate and improve continuously to maintain and increase market share.

With digital payment transaction volumes expecting an accelerated growth, of up to US $1.2 trillion in value by 2025, these demands have created technical and infrastructure challenges while also maintaining growth opportunities for payment service providers.

Read on to find out some of these key challenges in the online payment ecosystem and how Fiuu (formerly Razer Merchant Services (RMS)) continuously works to serve you better, whilst also creating an avenue for all payment methods.

1. Payment volume

Compared to offline payment modules, online payments have the advantage of accepting multiple transactions at once. Imagine the scale of your local hypermarket - looking across the aisle, there may be ten counters, whilst larger scale, mid-sized hypermarkets have up to 30, 50 or 100 counters. Only at such scales can multiple transactions occur at physical points.

Visualizing the scale of sales transacted at a moment's notice on an eCommerce website, one can imagine the challenges faced by payment services providers like Fiuu (formerly Razer Merchant Services). During an annual sales period like Black Friday or 11.11, payment volumes for an eCommerce business are unceasing. It is critical to service such a large pipeline of customers and ensures no interruptions or downtime occurs to maximize sales and profits.

Observing these high traffic levels during major sales campaigns, especially during the 11.11 online 2020 sales season, Fiuu (formerly Razer Merchant Services) saw an 850% increase in transactions compared to a typical day. During this time, we maintained zero downtime services for our merchants. It was business as usual for them, even during the busiest periods.

2. Infrastructure and workforce

For payment service providers, we credit managing huge payment volumes to a trial and tested infrastructure. Fiuu (formerly Razer Merchant Services) ability to handle substantial payment volumes and various digital payment methods is a testament to the investment we have placed into our people and technology. When it comes to manpower and physical touchpoints, brick and mortar stores face similar challenges. However, payment service provider's challenges revolve around both, the technical and infrastructure ends.

As digital payment transaction volumes in Southeast Asia are further driven by increasing smartphone and internet penetration, we have begun to holistically look at growing our infrastructure and business to meet customers' demands whilst future-proofing our business.

With these unique challenges posed by the growing transaction volumes as well as the variety of payment digital method we have begun to adopt, we scaled our engineering teams to create stability and manage the increasing load on our infrastructure over the past decade. Our software development teams have helped reduce time to market and increased usability for merchant and users. Our expanding cybersecurity teams, meanwhile, were developed to deal with fraud and chargeback issues.

Combined holistically with Fiuu (formerly Razer Merchant Services) High Availability (HA) infrastructure, we practically guarantee continuous uptimes, ensuring that your business won't miss out on those all-important sales. Our teams are also guided by a responsive Service Level Agreement (SLA), meaning our team is always on the ball to help ensure that our payment gateway is online all the time.

3. Cross-border transactions

Cross-border payments can be slow, inefficient, and expensive.

For offline businesses, crossing borders may mean hiring localized manpower, renting a shop and managing the business by someone who speaks the language. Digital Payments on the other hand, require funneling the earnings to a local bank.

But for any expanding e-commerce website to make effective cross-border e-commerce a success, this step requires some extra attention - what we refer to as a "localized" checkout experience. Over the years, our plug-and-play system has been tested in various Southeast Asian countries markets. After all, your checkout page should always be presented in the language of the customer and given Fiuu (formerly RMS) presence in Southeast Asia and other emerging markets, we can enable customization of your e-commerce page with your language of choice.

After all, your checkout page should always be presented in the language of the customer and given Fiuu (formerly RMS) presence in Southeast Asia and other emerging markets, we can enable customization of your e-commerce page with your language of choice.

Not only does this make the customer feel more comfortable navigating the page, but it also feels more like a local shopping experience. It is reported that 75% of shoppers prefer not to make a purchase decision unless the site is presented in their native language, so localization is key.

Imagine your checkout process, emphasizing cross-border transactions, which will detect the shopper's URL and serve up the appropriate screen. Most importantly, the price of your goods would appear in the shopper's local currency.

4. Multi-currency and payment methods

Another hurdle for our expanding merchants? Being able to serve region-wide customers means accepting a wide variety of payment methods and currencies.

But for any eCommerce merchant, multi-currency, cross-border transactions usually require new bank accounts, new business entities, and new regulatory hurdles in each national market. Within our cross-border experience, we can provide you with the necessary infrastructure already in place to provide immediate solutions to these challenges.

Your checkout page will need to offer local payment methods- no matter what country your shopper is in, they should be able to choose whatever method of payment they usually use. With whopping 75.8% of customers abandoning their purchase at the checkout page, local payment options are a must-have for regional businesses. This is important for two reasons - One, the transparency helps your customer know exactly how much they'll be paying without doing inaccurate and troublesome currency conversion calculations. Secondly, it's more likely that the acquiring bank will approve the transaction.

5. Innovative payment solutions

Online merchants know the importance of having various digital payment solutions to serve customers at a moment's notice better. Similarly, at Fiuu (formerly RMS), we innovate to provide a bevy of payment methods and solutions, so you can reach a wider audience who can transact with your business quickly and painlessly.

Cash is likely to be around for the foreseeable future, even with the higher adoption rate of cashless solutions by many Southeast Asians. At Fiuu (formerly RMS), we can help your e-commerce business add the option of managing cash transactions with Fiuu Cash. A customer can order your products online and make cash payments at a cashier in a nearby Fiuu Cash friendly convenience store. That way, customers without access to digital payments solutions can still access your goods and services online.

Merchants who require on-the-go options will need our one-stop solution, Fiuu (formerly Razer Merchant Services) Virtual Terminal (VT) mobile app. With the VT app, the convenience in the palm of your hands is enabled within a single app. Merchants have access to a payment function that allows your business to handle transactions anytime, anywhere. Using various payment methods – your customers can pay you via credit/debit card, e-wallets or you can send them a payment link. Scaling is cost-effective too, as installing the app on multiple devices requires a minimal cost to your business in contrast to having multiple physical POS systems, giving you more opportunities to grow.

Regardless of your e-commerce and digital payment needs, Fiuu (formerly Razer Merchant Services) payment gateway can proudly say that we have overcome technical, infrastructure and practical challenges over the years by surpassing our forecasted growth throughout FY2020.

We deliver your payment gateway processing needs while also offering you an innovative digital payment solution right out of the box, and more importantly, a reliable, tested system backed by years of experience.

Get in touch with us now for the high-volume digital payment and processing gateway of choice.

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