United Overseas Bank Limited (UOB) and Razer Inc. (Razer) just announced that they have entered an exclusive partnership for the launch of Razer Pay in Singapore (Razer Pay Singapore).
Described as an “e-wallet designed for youth and millennials”, Razer Pay Singapore is slated to be launched “within the next few months”.
UOB will be facilitating payment and cash management solutions, letting Razer Pay Singapore users top up their e-wallets and also processing payments for Razer Pay’s global network of merchants.
To top up the e-wallet, users can use the eNETs Debit or Credit service, or transfer funds using FAST (Fast and Secure Transfers) to Razer.
UOB and Razer are also said to be exploring the use of PayNow Corporate to enable digital payments to merchants and users – all that is needed is just the business’ Unique Entity Number or the user’s mobile phone number.
UOB will also support Razer’s cross-border foreign exchange transactions.
Through UOB’s digital foreign exchange solution, Razer will be able to access wholesale foreign exchange rates when making payments to its global network of merchants.
Razer Pay Singapore users will also get to enjoy “competitive FX rates when making in-app purchases in a foreign currency”.
Said Ms. So Lay Hua, Managing Director and Head of Group Transaction Banking, Group Wholesale Banking at UOB, “Working with an innovative trailblazer brand, such as Razer, at the start of their journey to launch an e-payment solution, aligns with UOB’s commitment to champion a robust digital payments landscape in Singapore.”
“More broadly, with the Bank’s regional connectivity across ASEAN and scalable payment platforms we look forward to the next step of the journey – supporting Razer Pay beyond local shores.”
Added Mr. Preecha Praipattarakul, SVP for Razer Pay, said, “Razer Pay Singapore is the e-wallet designed for youth and millennials, making it easy for users to transfer money quickly, to top up easily and to pay everywhere.”
“We are confident that this partnership will accelerate the use of cashless payments in Singapore and across the region.”
Razer Pay was first launched in Malaysia on 4 Jul 2018, and received more than 500,000 sign ups in less than a week.
Over 6,000 vendors in Malaysia, including 7-Eleven, Starbucks, Cosway, Krispy Kreme, Tealive and Wendy’s will be accepting payments using the Razer Pay e-wallet.