RAZER Fintech, the financial technology (fintech) arm of gaming peripherals brand Razer, is launching a virtual prepaid card targeted at youth and millennials in Singapore next January.
The Razer Card, co-created with Visa, will be integrated into Razer's e-wallet platform Razer Pay, Razer Fintech and Visa said in a joint statement on Tuesday.
The card is aligned with Razer Fintech's ambition to establish the world's first global youth bank. The fintech company is part of a consortium applying for a digital banking licence in Singapore.
Users can sign up for and use the Razer Card at no subscription. They also have the option of upgrading to a standard or premium physical card, the latter which lights up upon payment.
Visa country manager for Singapore and Brunei Kunal Chatterjee said the card will feature contactless payment technology, allowing cardholders to tap to pay for day-to-day activities such as taking public transport, buying movie tickets and purchasing meals.
Users will also be able to receive cashback for all payment purchases, with no minimum spend and no capped limit for cashback. Cashback rates are 1 per cent for purchases made across categories, and up to 5 per cent on RazerStore and Razer Gold purchases.
The card will boast a gamified rewards system through the Razer Pay app, where users can track, score and redeem rewards based on tasks and everyday transactions.
The Razer Card will be made available to 1,337 selected users from Oct 6 to Dec 31 via a beta testing programme ahead of its official launch, Razer Fintech and Visa said.
Following the card's launch in Singapore, it will be made available in other countries where Razer Pay is available, subject to local regulatory approval, they added.
Razer Fintech chief executive officer Lee Li Meng said the collaboration with Visa opens up "many opportunities for us to reach out and meet the needs of consumers, particularly the youth and millennials".