Razer, a brand that gamers need no introduction to, have put their sights on the gaming payment arena with Razer Pay.
Razer announced that Razer Pay is collaborating with The FinLab, United Overseas Bank’s (UOB) FinTech and innovation accelerator, on a proof-of-concept (POC) to test cross-border remittance using blockchain technology.
The blockchain-based POC aims to improve operational efficiency by increasing the transparency and speed of cross-border remittances. Razer Pay will spearhead the technical and product development of the POC. Through The FinLab, UOB will mentor and guide Razer Pay in areas such as settlement and the sending and receipt of remittance messages.
Razer Pay also announced it will be extending UOB’s transaction banking services, cash management and foreign exchange (FX) solutions to Southeast Asia. This follows UOB’s support of the Singapore launch of Razer Pay through the Bank’s provision of a suite of payment and cash management solutions.
UOB will also process payments for Razer Pay’s global network of merchants and offer competitive FX rates to Razer Pay Singapore users when they make in-app purchases in a foreign currency.
This comes after the news that Razer is already working with NETS Group to enable Razer Pay acceptance on NETS unified POS terminals, with the goal of enabling full interoperability by the time Razer Pay launches in Singapore in Q1 2019.
In addition to NETS, major household brands such as Reebonz, Sistic, SP Group, and WTS Travel are also working with Razer Pay in various capacities in the lead-up to its Singapore launch. These discussions may include both in-store offline purchases, as well as online payment.
For example, Razer is working with SP Group to integrate payment directly within the Razer Pay app – no scanning of QR code necessary. In this way, users can experience convenience and ease of payment for their utility bills. Similarly, customers will also be able to pay Sistic for their tickets to the next blockbuster musical act or K-pop concert entirely within the Razer Pay app.
“Since we announced our intention to launch Razer Pay by the first quarter of 2019, we’ve seen tremendous interest from businesses in Singapore keen to collaborate with us and integrate our e-payment framework,” Min-Liang Tan, co-founder and CEO, Razer.
The collaboration among Razer, UOB and The FinLab lay the groundwork for the roll-out of Razer Pay across Southeast Asia in the coming year.