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Homegrown multinational gaming-centric tech company Razer’s foray into its e-wallet services Razer Pay and Razer Card is coming to an end on 30 September 2021. 

Screenshot of email sent to RazerPay users

All Razer e-wallet payments will be suspended after 31 August 2021. This means that all wallet top-up, payment and transfer features on Razer Pay (beta) will no longer be available.

The same deadline also applies to the redemption of Razer Card gift codes.

Additionally, the Razer Pay app will also be inaccessible from 1 October 2021.

It’s been less than two years

Razer Pay Mobile App
Razer Pay Mobile App / Image Credit: Razer

Launched in Malaysia in July 2018 and in Singapore in March 2019, Razer’s short-lived electronic payments wallet venture unfortunately did not attain sufficient support from the masses.

Razer CEO Tan Min-Liang’s initial statements that Razer Pay was one of Malaysia’s largest e-wallets was not in line with its reception in Singapore.

Singapore’s e-wallet market is already heavily saturated with many strong contenders, including GrabPay, FavePay, Google Pay, Singtel Dash, and AliPay.

Singapore’s bank-owned mobile wallets also have a strong market share, leaving little to no room for new entrants.

Despite Razer’s strong fan base and multiple marketing efforts, including free masks from Razer Pay-activated vending machines, Razer Pay struggles to gain significant traction here.

The tech giant’s prepaid Razer Card did not fare well with its target millennial clientele, despite its efforts to roll out attractive perks.

Cashback privileges from its banking competitors were hard to beat. Its exclusive 10 per cent cashback on Razer Store (hardware) and Razer Gold (in-game transactions) purchases were just not enough to incentivise a strong enough take-up rate.

Razer Card / Image Credit: Razer

Other reasons cited for Razer Card’s discontinuation include customer complaints about bugs and incidences of double purchase charges, amongst other issues.

Most recently, Razer also failed to win the bid for a digital banking license in Singapore. It had said in a media statement that if successful, they would leverage on their lifestyle branding and global presence to build the “world’s first global youth bank”, aptly named Razer Youth Bank.

Coupled with this recent news, it looks like Razer’s mobile payments venture has been stunted. For now, it’s time for Razer fans to say goodbye to their minimalist matte-black gaming-aesthetic, LED light up premium cards, for good.

Featured Image Credit: Razer

Categories: News Reader, Fintech

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)