The last we heard about RazerPay about a year ago, Razer CEO Min-Liang Tan said that he is investing $10 million for this e-payment initiative.
He had submitted a proposal to PM Lee Hsien Loong in September 2017, in which Razer committed to provide ongoing advisory and development support for a Common E-Payment Framework (CEF).
It also outlined its intentions to spearhead support for an e-payment solution for Singapore by any third-party e-payment provider that is already gaining traction.
But as there is no viable third-party e-payment provider, Min-Liang has reconfirmed that he will launch RazerPay by April 2019, with a million e-wallet registrations.
In lieu of this, he said that he is looking to form a team of the “best payment engineers and experts in Singapore.”
On its website, some of the available roles to support this e-payment initiative include business unit lead, engineering lead, engineers, merchant acquirer lead, payment services leads, and regulatory/legal lead.
Advancing Singapore To Be A Cashless Society
Ultimately, he wants to help “advance Singapore to a cashless society”.
“We envisage Singaporeans being able to travel to various countries with SEA and use their e-wallets seamlessly. Imagine not just a cashless Singapore, but a cashless world for Singaporeans.”
In line with this goal, it has acquired MOL, the largest e-payment network in Southeast Asia, for US$100 million.
It also recently announced its partnership with Singtel to form a pan-SEA e-payments network.
Another of its partnership with UOB will focus on innovating cashless payments in Singapore.
The two entities are working on becoming a pioneering non-bank and e-wallet app to offer both transfer and cash-out through FAST.
One Of The Largest E-Payment Wallets In Malaysia
But ahead of Singapore, RazerPay was made available to Malaysians last July, with over 6,000 acceptance points at major retail and F&B outlets.
It was touted as a cloud-based e-wallet solution catered to the youth and millennials, and with it, users can “top up easily, transfer money quickly, and pay everywhere,” according to the company’s media statement.
This e-wallet can take on different forms, from a Stored Value Facilities (SVF) card, to a mobile wallet application, a chip and more.
According to Min-Liang, RazerPay in Malaysia saw over 600,000 sign-ups in just 8 days, powering over 300,000 cashless transactions within that same period.
This makes it one of the largest, if not the largest, e-payment wallet in Malaysia.
Featured Image Credit: Reuters