Razer Fintech, the financial technology arm of Razer and global lifestyle brand for gamers, has announced its acquisition of PT E2Pay Global Utama (E2Pay), a business-to-business-to-consumer (B2B2C) digital payment facilitator and e-money player in Indonesia. Founded in 2012, E2Pay provides a breadth of payment solutions to merchants and financial institutions, including payment gateway, e-money, and remittance services licenses in Indonesia. These services complement Razer Merchant Services, Razer Fintech’s business-to-business arm regionally, as it facilitates cross-border payments for its 60,000 merchants to the region’s largest populated country.
The Indonesian fintech 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. Internet usage in Indonesia has been steadily growing, with a gross merchandise volume of US$40 billion (RM175.7 billion) in 2020, mainly driven by e-commerce, even offsetting declines in travel, transport and food delivery industries throughout lockdown periods. Through this acquisition, Razer Fintech and E2Pay look to contribute Indonesia’s expected GMV of US$124 billion ($544.7 billion) by 2025, at a 23% compound annual growth rate.