KUALA LUMPUR: Berjaya Corp Bhd's retail segment is expected to grow more than five per cent fuelled by the goods and services tax (GST) removal.
Founder and executive chairman Tan Sri Vincent Tan said the removal of GST has been a positive driver to improve consumers' demand, while the soon to be implemented sales and services tax (SST) would be good for consumers.
"Retail growth will be better as everybody experiences better sales, particularly the convenience stores and car sales.
"Hopefully, this payment system will make it more convenient to customers," he told reporters after launching the Razer Pay, here, today.
He said retail sector has been improving due to more optimisms and feel good factor in the country now under the leadership of Tun Mahathir Mohamad as the Prime Minister, noting that people are seeing more positive with the new government.
Following the trend, Berjaya Group is further upbeat about improving its retail business this year following the launch of Razer Pay, an e-wallet service in the country.
Tan said the company has created the partnership as it sees great synergy between its business and Razer Pay.
"Our existing retail ecosystem within Berjaya Group offers a great platform and testbed for mobile payment innovation," he said.
Razer Pay in Malaysia is a partnership between Razer Inc (51 per cent) and Berjaya Corp Bhd (49 per cent), a platform designed for youth and millennials.
Tan said the partnership would be valuable for Berjaya Corp as the business has high in valuation for long-term, which aimed to enhance the value propositions of Razer Pay to craft its differentiation in the market place.
Razer co-founder and chief executive officer Min-Liang Tan said Razer Pay users can look forward to a seamless payment experience when they visit other cities with a focus on interoperability between countries.
He said the service will also be available in other Southeast Asian countries in the coming months.
"Razer Pay is going to make cashless payments easier than ever. We are excited to launch this service first in Malaysia as part of our global rollout and partnership with Berjaya Corp will make it convenient for everyone to join the cashless revolution today," he said.
Users can visit any 7-Eleven store in Malaysia at any time to buy a Razer Pay top-up PIN, and alternatively they can also use their online banking account to add funds.
Participating banks include AmBank, Bank Islam, CIMB, Hong Leong Bank, Maybank and Public Bank.
With Razer Pay, users can transfer funds to family and friends easily as well as transfer money from their e-wallet to bank account and top up their telco accounts.
Razer Pay can also be used for online transactions for gamers to purchase PIN codes instantly for services such as zGold MOLPoints, Steam Wallet, Garena, Sony PlayStation, Spotify, iflix and more.
Over 6,000 major retail and food and beverages outlets will accept Razer Pay with participating brands such as 7-Eleven, Starbucks, Wendy's, Kenny Rogers, Krispy Kreme and 99 Speedmart.
Min-Liang said the service is expected to grow its merchant network rapidly encompassing healthcare, travel and other lifestyle services in Malaysia.
Every new user in Malaysia will also receive RM10 bonus credits when they sign up in the Razer Pay app from July 4 to September 30, 2018.
Meanwhile, Tan said Berjaya Corp has pledged to donate up to RM5 million to the national Tabung Harapan Malaysia fund.
The company has committed to donating RM10 with each first user of the Razer Pay wallet at participating Berjaya outlets, from July 4 to August 30, 2018.