RazerPay plans to launch in Singapore by the first quarter of 2019. In a Facebook post, Razer co-founder and chief executive officer Tan Min-Liang, said it submitted its proposal a year ago and detailed its plans for a cashless economy in Singapore.
Razer aims to provide ongoing advisory and development support for a Common E-Payment Framework (CEF). It also plans to spearhead support for an e-payment solution for Singapore, which will either be run by a third-party e-payment provider or to launch RazerPay, funded and run by Razer. RazerPay will target end-users, consumers and businesses in Singapore to establish an e-payment, cashless service and accept digital transactions.
Razer aims to issue one million wallets in Singapore by next April. This e-wallet takes on different forms such as from a Stored Value Facilities (SVF) card to a mobile wallet application, a chip and more. Tan added that there are no third-party consumer e-payment provider that is gaining traction in Singapore for now, prompting the launch.
Earlier last month, Razer launched its e-wallet Razer Pay in Malaysia, in partnership with Berjaya Corporation. RazerPay is designed for youth and Millennials, allowing consumers to top up, pay and transfer money quickly and easily. The company aims to grow the list of merchants on its e-wallet to encompass healthcare, travel and other lifestyle services in Malaysia.
Razer’s spokesperson told Marketing then that the partnership is not an exclusive one as Razer Pay is also available at 99 Speedmart, Thundermatch Technology and Circle K. Also, Razer chose to partner with Berjaya as both companies have been “close partners” in the e-payments and virtual credits industries since 2017. The spokesperson added that the company aims to launch the e-wallet across all of Southeast Asia.
Existing users of the One2Pay app, an e-wallet launched by MOL Inc, a company acquired by Razer last year, can upgrade their app to Razer Pay through the Apple Store or Google Play Store.