Gaming company Razer will be shutting down its eWallet services Razer Pay and Razer Card in both Malaysia and Singapore, with effect from 1 October.
According to its website, the last date for users to top up their wallet was on 6 August and users will still be able to use the wallet to purchase games, entertainment, food and mobile top-ups until 31 August. Users will have until 30 September to withdraw their funds via the in-app withdrawal function.
The gaming company thanked its users for supporting Razer Pay on a banner seen at the top of its Razer Pay page. "Since the launch of the beta, we have been able to test-bed multiple innovative products and features with the valuable feedback provided by our users and partners. With the end of the beta, we are committed to ensure that all account withdrawal and closure processes are user-friendly and compliant with regulations. We look forward to innovating more solutions in the future for our community," said Razer.
Razer previously partnered Berjaya Corporation to launch Razer Pay in Malaysia three years ago in 2018. The company said then that Razer Pay was “designed for youth and Millennials, allowing consumers to top up, pay and transfer money quickly and easily”. It later launched the e-wallet service in Singapore in the following year for beta testing, where it collected users’ feedback to help optimise operations for a smooth public launch.
Subsequently, Razer launched its prepaid card offering “Razer Card” which encompasses facilities such as cashback features and a gamified in-app rewards system, following its partnership with Visa in 2019. The Razer-branded Visa prepaid payment solution integrated into Razer Pay through a mini-app and sought to cement Razer Pay’s position as one of Southeast Asia’s leading e-wallet platforms.
Separately, the gaming company had previously attempted to bolster its position as a digital financial service provider. With the goal of being a “global youth bank”, Razer led a consortium to apply for a digital banking license in Singapore last year. However, it failed to win the bid, having been beaten out by the Grab-Singtel consortium and tech giant Sea, reported ST. In response to the MAS’s announcement of the winners, Lee Li Meng, CEO, Razer Fintech, said then that Razer’s “strategy of extending the Razer Fintech business into digital banking remains unchanged”, adding that it has plans to leverage on Razer Fintech’s existing operations in Malaysia and Philippines where the digital service market is still relatively young.
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