Razer expands into Indonesia by acquiring digital payment platform E2Pay

The fintech arm of Singapore-based gaming-centric tech company Inc is expanding into Indonesia with its acquisition of B2B2C digital facilitators and e-money firm, PT E2Pay Global Utama. Having already led the offline to online (O2O) digital payment network in Southeast Asia, this acquisition marks Razor's expansion into one of the region's fastest growing digital economies in the world.

The decade old Indonesian fintech player E2Pay has services that complement Razer Merchant Services, Razer Fintech's business-to-business arm regionally. E2Pay provides a breadth of payment solutions to merchants and financial institutions, including payment gateway, e-money, and remittance services licenses in Indonesia. Razer on the other hand facilitates cross-border payments for its 60,000 merchants to the region's largest populated country.

Razer Fintech CEO Lee Li Meng also highlighted how E2Pay is one of Indonesia's very few digital payment players that has a comprehensive set of licenses across various payment gateway services, e-money, and remittance.

“The acquisition of E2Pay allows us to accelerate our entry into Indonesia, one of the fastest-growing digital economies in Southeast Asia, as well as be able to better serve the digital payment needs of our regional and global merchants as the single partner of choice. I look forward to working closely with the E2Pay team to grow our presence in Indonesia considerably in the years to come,” he said.

Currently, the E2Pay e-money platform, MBayar, serves over 500,000 registered users and supports payments for credit or data plans, bill payments, QR payments, cash withdrawals and fund transfer services. As for its payment gateway, it supports high-growth e-commerce verticals, including online marketplaces, professional services, travel & tourism, as well as other segments throughout Indonesia, with some of E2Pay's most notable merchants consisting of Tokopedia, Bukalapak, Traveloka and Blibli.com. 

Additionally, the Indonesian digital payment player also connects major payment channels and supports local and alternative payment methods, including card schemes, internet banking, mobile banking, e-money, virtual accounts, offline points, and personal financing to provide a comprehensive local payment platform for more than 500 merchants in the region.

Razer Fintech on the other hand has grown to become one of the largest O2O digital payment networks in emerging markets, and has processed over billions of dollars in total payment value. In the whole of 2021, Razer Fintech recorded a Total Payment Volume of US$7 billion, representing an increase of 63.5% year-on-year.

While Southeast Asia is known to be a powerhouse when it comes to mobile payments, Indonesia is often touted to be the world's next digital payments battleground by pundits. Transaction values rose by over 200% in 2019 alone, and the country is home to almost 50 digital wallet players vying for customers. Between 2019 and 2022 alone, mobile wallets are expected to experience a jump in percentage proportion of Indonesia's gross transaction value (GTV) from 23% to 28%.

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