Razer and Visa have announced a first of its kind partnership that will transform payments in the gaming industry by bringing the scale and reach of Visa’s global network to Razer Pay e-wallet users.
The partnership will see Razer’s financial technology arm, Razer Fintech, join Visa’s fintech fast-track program, which is designed to make it easier for fintechs to access the global Visa payments network.
And from here, Razer Fintech and Visa will develop a virtual Visa prepaid solution to be introduced in the Razer Pay e wallet. And what that basically means, is that it will allow up to 60 million Razer users to make payments wherever Visa is accepted at 54 million merchant locations worldwide. Which sounds like good news. This could make Razer Pay more accessible and have more vendors for use, which makes it seem like a ‘better’ e-wallet compared to others.
Chris Clark, Regional President, Asia Pacific, Visa, said:
“We are pleased to partner with such a forward- looking and innovative company that understands the value and importance of expanding access to digital payments. This announcement reaffirms Visa’s commitment to the fast-growing and digitally savvy Southeast Asia region. Together, Visa and Razer Fintech have the opportunity to transform the payments experience for not only the gaming community but many of Southeast Asia’s unbanked and underserved consumers as well.”
Min-Liang Tan, Co-Founder and CEO of Razer, said:
“Razer Fintech is a core growth initiative for Razer as we continue to empower digital payments across emerging markets, starting from Southeast Asia. We are incredibly excited with the opportunities that this innovative payment solution serves to millions of consumers, connecting them to an extensive network of merchants globally. This partnership with Visa significantly extends Razer Fintech’s position as the largest offline-to-online digital payment network in the region.”
INTEGRATION OF VISA PREPAID SOLUTION INTO RAZER PAY
Razer Fintech and Visa look to roll out an exclusive Razer-branded Visa prepaid payment solution integrated into Razer Pay via a mini-app, which will cement Razer Pay’s position as one of Southeast Asia’s leading e-wallet platforms.
By using Visa’s global network, Razer Pay users will be able to make payments wherever Visa is accepted. The prepaid solution will complement Razer Pay’s existing offerings, which include mobile top-ups, leading virtual credits, and entertainment purchases. Users will also be able to take advantage of benefits and rewards when using their prepaid cards for ecommerce transactions and when they make purchases overseas.
The integrated prepaid card solution will offer users the same top-up and cash-out methods available on Razer Pay, but with Visa’s advanced privacy and security framework.
BRINGING FINANCIAL INCLUSION TO SOUTHEAST ASIA’S UNBANKED AND UNDERSERVED
Southeast Asia has a large unbanked and underserved population of over 438 million. The partnership between Razer Fintech and Visa has the potential to extend micro-financial services to this underserved
segment. Southeast Asia is also home to a massive youth and millennial population of over 213 million. The collaboration between Razer Fintech and Visa aims to empower this segment of early adopters and introduce interactive and straightforward financial planning capabilities with a Razer twist.
These capabilities will help to enhance the financial literacy levels of the Southeast Asia population. Razer Fintech and Visa’s partnership will help meet the unmet demands of this sizeable market and provide financial tools for youths and millennials to participate in the global cashless economy.
Razer Fintech and Visa anticipate rolling out these solutions progressively in selected countries across
Southeast Asia in the coming months, before expanding globally.