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Razer withdraws from competitive mobile wallet market

Razer withdraws from competitive mobile wallet market

Multinational gaming company Razer is to shut down its e-wallet and card services to focus on B2B payments.

In a notice to users, the firm says all wallet and card payment services will be suspended from 31 August, with the full withdrawal taking place a month later.

The move marks the end of a multi-year experiment that commenced in Malaysia in 2018 before expanding to Singapore a year later. The mobile wallet and pre-paid card service was designed for youth and millennials, allowing consumers to top up, pay and transfer money quickly and easily.

In a statement, the company says: "Over the course of the beta we have gathered valuable feedback from you and we look forward to innovating more products in the future for our community. With the beta coming to an end, we are commited to ensue that all account withdrawal and closure processes are user-freidnly and compliant with regulations."

The withdrawal follows Razer's failed attempt in 2020 to bag a virtual banking licence from the Monetary Authority of Singapore. In its application, Razer said it was planning to extend its existing fintech offerings in mobile payments to the digital banking market by building the world’s first 'Global Youth Bank'.

The firm may be dropping out of a hyper-competitive consumer market in Asia, but it remains wedded to its Merchant Services business, which offers e-commerce, offline payment processing, and logistics.

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