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UOB to support Singapore's launch of Razer Pay in 'next few months'
UNITED Overseas Bank (UOB) will support the Singapore launch of Razer Pay (Razer Pay Singapore), the e-wallet app designed for youths and millennials by gaming company Razer.
Razer Pay Singapore is slated for launch within the next few months, said UOB and Razer in a joint statement on Tuesday.
As part of what is an exclusive partnership with Razer, UOB will provide a suite of payment and cash management solutions for Razer Pay Singapore. This includes enabling users of Razer Pay Singapore to top up their e-wallets, and processing payments for Razer Pay's global network of merchants.
Users will be able to top up their e-wallets using eNETS debit or credit service, or by transferring funds via FAST (Fast and Secure Transfers) directly to Razer.
Currently, no other e-wallet app in Singapore supports FAST for the facilitation of fund transfers, cash out or top-up, said UOB and Razer.
The Business Times understands that customers of the 20 participating banks of FAST - among them UOB, DBS, OCBC, ANZ Bank, Bank of China and Citibank - can use FAST to transfer money from their bank accounts to their Razer Pay e-wallets. Razer Pay Singapore is not limited to UOB customers.
On Tuesday, UOB and Razer said that they will explore the use of PayNow Corporate to allow Razer Pay Singapore users to make digital payments to both merchants and e-wallet users with just the business' Unique Entity Number or the user's mobile phone number, respectively. PayNow Corporate will launch on Aug 13 this year.
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, said UOB and Razer.
So Lay Hua, managing director and head of group transaction banking at UOB's group wholesale banking, 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."
Earlier this month, Razer Pay debuted in Malaysia as part of a partnership between Razer and Berjaya Corp, a Bursa Malaysia-listed conglomerate that has businesses in consumer marketing, property development and telecommunications. In less than a week, Razer Pay Malaysia reportedly saw over 500,000 sign-ups. To-date, more than 6,000 retail and food and beverage outlets, including 7-Eleven, Starbucks and Kenny Rogers, accept Razer Pay in Malaysia.
Razer Pay will be available in other South-east Asian countries in the coming months, Razer said.