Users will have to empty their e-wallet by transferring their credit to a bank or another e-wallet service.
The Singapore-based gaming-centric tech company announced earlier this week that is discontinuing its Razer Pay ecosystem in Singapore and Malaysia, which includes and e-wallet and credit card from September 30.
The service was launched in beta in mid-2019, targeting the youth and millennial segment. It was touted as a testbed for Razer Fintech and stepping stone towards a digital banking license, which the company ultimately did not acquire.
In fact, Razer Pay stopped updating its Facebook page in May, and its last post on Twitter dates back to late 2019. The platform had built partnerships with the likes of Nets and FomoPay. However, competition in the crowded e-wallet space is stiff, with banks, e-commerce platforms and tech players all vying for market share.
B2B Pivot
According to the company, Razer Pay app contributed «a very small amount» to Razer Fintech’s overall performance, with over 95 precent of its TPV (total portfolio value) driven by Razer Merchant Services (RMS).
«As part of the strategy to drive Razer Fintech’s hypergrowth ambitions in its next stage of development, Razer Fintech will sharpen its focus on RMS to position itself as a forward-thinking, merchant focused B2B payments solution provider,» Li Meng Lee, CEO Razer Fintech, said.
Recognized as the leading brand for gamers in the U.S., Europe and China, Razer was founded in Singapore in 2005. It is headquartered in San Francisco, Singapore, and Malaysia and has 15 offices worldwide. The company is listed on the Hong Kong Stock Exchange.
