Razer has launched the long-awaited Razer Pay service and has chosen Malaysia as the primary marketplace for its digital wallet.
Razer has partnered with Malaysian corporation Berjaya to debut the service within the country.
Users will give you the option to transfer and top up funds at 7-Eleven stores or through their checking account. Participating banks include AmBank, Bank Islam, CIMB, Hong Leong Bank, Maybank, Public Bank and RHB Bank.
The wallet will be used for online transactions in addition to for payments in stationary stores. Supported chains include 7-Eleven, Starbucks, Singer, Cosway, Greyhound Cafe, Wendy’s, Kenny Rogers and Krispy Kreme at launch, with more to be added later.
Razer Pay can even be available to users of One2Pay, a digital wallet launched by Malaysian payments startup MOL. Razer acquired MOL earlier this 12 months. One2Pay users will see their app robotically update to Razer Pay.
Razer intends to roll out Razer Pay to more Southeast Asian countries, specializing in “interoperability” between them in order that users can enjoy “seamless payments when visiting other cities.”
New Challenger
Razer has been on a mission to bring its electronic payments product to market since CEO Min-Liang Tan took up the challenge from the Prime Minister of Singapore last 12 months.
The latest major update ever was the corporate’s partnership with Singtel to “create the most important electronic payments network in Southeast Asia.” Singtel has said it desires to create an “all-star alliance” of mobile telecom wallets within the region.
The deal will see the Singapore telecom company mix its Dash payment system with Razer’s product, leveraging its footprint in Southeast Asia through its partners and subsidiaries. Razer can even make its ZGold digital currency available to Singtel mobile users.
Razer Pay will launch in Malaysia just in time to compete with GrabPay, which announced its entry into the country through a partnership with Maybank.
As the market becomes increasingly crowded, Ant Financial’s Alipay and WeChat Pay are also available in Malaysia for Chinese travelers. Both web sites are also preparing to launch local payment services.
According to Varun Mittal, head of ASEAN fintech at Ernst & Young, Malaysia is uniquely positioned when it comes to digital wallet services. The country’s urban areas are well suited to the needs of consumers who’re accustomed to transacting through their banks or bank cards. But there are also places in rural areas where digital wallets will help users with no checking account.
In a previous interview with Technology in AsiaMittal emphasized that for a digital wallet to remain ahead of the competition, it must make sure that customers use it a minimum of twice a day – something he calls the “toothbrush test.” Digital wallet operators must “master the art of high-frequency, low-value applications” to win available in the market, he said.
According to other experts resembling Anthony Chiam, head of economic services at market researchers J.D. Power, the challenge for players like Razer can be acquiring users, especially those that usually are not yet a part of the corporate’s network. The tie-up with Singtel is prone to help with this as the corporate seeks to expand Razer Pay into Southeast Asia.
Source: Technology In Asia
