United Overseas Bank announced it has partnered with Razer to provide a seamless and unique digital wallet. The announcement comes within weeks of Razer's launch of its e-wallet in Malaysia.
United Overseas Bank (UOB) has partnered with gaming company Razer, to launch an e-wallet in Singapore. Named Razer Pay Singapore (RPS), it is the first digital wallet app in Singapore that supports FAST for the facilitation of funds transfer, cash out, or top-up, UOB and Razer said in a media statement.
«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,» said So Lay Hua, head of group transaction banking at UOB.
Seamless Digital Payments
The unique proposition of RPS is its seamless experience for transactions online, as well as at point-of-sale terminals. Besides transferring funds via FAST directly to Razer, users of RPS will also be able to top up their e-wallet using eNETs Debit or Credit service, a payment solution widely accepted by merchants across the island-state.
FAST is an electronic funds transfer service that enables customers of the participating banks to transfer Singapore dollars from one bank to another in Singapore almost instantly.
Under the exclusive partnership, UOB will provide a range of cash management solutions allowing Razer Pay Singapore users to top up their e-wallet, plus provide payment processing for the wallet's network of merchants.
Banking Partnership in ASEAN?
Both UOB and Razer hope to take a slice of digital payment transactions, which are accelerating in the Southeast Asia (ASEAN) region. In May, Razer signalled its ambition of becoming a significant digital payment provider when it announced a tie-up with SingTel to unify regional payments as reported in the Straits Times (behind paywall).
Besides cash management solutions, UOB also offered Razer access to wholesale FX rates when making payments to its global network of merchants. RPS users will also enjoy competitive FX rates when making in-app purchases in a foreign currency.
«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,» said So.
Razer Pay in Malaysia
Razer Pay was first launched in Malaysia two weeks ago, as a partnership between Razer and Berjaya Corporation, according to its press release. The e-wallet received more than 500,000 sign ups in less than a week, Razer said.
Similar to the Singapore e-wallet, users can transfer funds via peer-to-peer cash transfers, transfer money from their Razer Pay e-wallet to their bank accounts, and make online transactions.
Over 6,000 vendors in Malaysia, including 7-Eleven, Starbucks, Cosway, Krispy Kreme, Tealive and Wendy’s will be accepting payments using the Razer Pay e-wallet.
