Source: United Overseas Bank
United Overseas Bank Limited (UOB) and Razer Inc. (Razer) today announced that the two companies are working together for the Singapore launch of Razer Pay (Razer Pay Singapore), the e-wallet designed for youth and millennials.
Razer Pay Singapore is slated to be launched within the next few months.
Razer Pay first went live in Malaysia (Razer Pay Malaysia) on 4 July 2018. In less than a week, Razer Pay Malaysia received more than 500,000 sign-ups, making it one of the fastest-growing e-wallet apps in the country.
As part of an exclusive partnership with Razer, UOB will provide an holistic suite of payment and cash management solutions such as enabling Razer Pay Singapore users to top up their e-wallet, as well as processing payments for Razer Pay’s global network of merchants.
Razer Pay Singapore users will be able to top up their e-wallet using eNETs Debit or Credit service, or by transferring funds via FAST (Fast and Secure Transfers) directly to Razer. This will enable Razer Pay Singapore users to enjoy a smoother customer experience online and at point-of-sale terminals. No other e-wallet app in Singapore supports FAST for the facilitation of funds transfer, cash out or top-up currently. UOB and Razer will also explore the use of PayNow Corporate1 to enable digital payments to both merchants and e-wallet users with just the business’ Unique Entity Number or the user’s mobile phone number respectively.
In addition to helping make Razer Pay Singapore more seamless and secure for its customers, UOB will also support Razer’s cross-border foreign exchange (FX) transactions. Through UOB’s digital FX solution, Razer will be able to access wholesale FX rates when making payments to its global network of merchants. Razer Pay Singapore users will also enjoy competitive FX rates when making in-app purchases in a foreign currency.
Ms So Lay Hua, Managing Director and Head of Group Transaction Banking, Group Wholesale Banking, UOB, said, “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.”
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. UOB brings best-in-class payment solutions to help make the experience faster and more seamless for all our customers. We are confident that this partnership will accelerate the use of cashless payments in Singapore and across the region.”