Razer partners with Visa to transform payments and bring financial inclusion to Southeast Asia’s unbanked and underserved population
The Southeast Asia is home to a massive youth and millennial population of over 213 million. Southeast Asia also has a large unbanked and underserved population of over 438 million, according to a Fintech report from KPMG. To bring financial inclusion to this part of the world, Razer, a consumer electronics and gaming company that develops connected devices and software for gamers, and Visa, the world’s leader in digital payments, announced a partnership that will transform payments in the gaming industry by bringing the scale and reach of Visa’s global network to Razer Pay e-wallet users.
The partnership between Razer Fintech and Visa has the potential to extend micro-financial services to this underserved segment. As part of the partnership, Visa prepaid solution will be integrated into Razer Pay e-wallet to enable users to make payments at 54 million merchant locations on Visa’s global network.
Founded in 2005 by Min-Liang Tan and Robert Krakoff, Razer is transforming the way people play games, engage with other gamers and identify with the gamer lifestyle. Having won the coveted “Best of CES” award consecutively for six years, the company’s leadership in product innovation continues to create new categories for the gaming community that is estimated to have over 1 billion gamers worldwide. Razer’s design and technology include an array of user interface and systems devices, voice-over IP for gamers and a cloud platform for customizing and enhancing gaming devices. Razer is backed by Intel Capital, IDG-Accel and Heliconia Capital Management (Heliconia), a wholly owned subsidiary of Singapore investment company Temasek. The company also has 18 offices worldwide and is recognized as the leading brand for gamers in the USA, Europe and China.
The partnership will see Razer’s financial technology arm, Razer Fintech, join Visa’s fintech fast-track program, which is designed to make it easier for fintechs to access the global Visa payments network. Here, Razer Fintech and Visa will develop a virtual Visa prepaid solution to be embedded in the Razer Pay e-wallet, that will allow up to 60 million Razer users to make payments wherever Visa is accepted at 54 million merchant locations worldwide.
Chris Clark, Regional President, Asia Pacific, Visa, said: “We are pleased to partner with such a forward-looking and innovative company that understands the value and importance of expanding access to digital payments. This announcement reaffirms Visa’s commitment to the fast-growing and digitally savvy Southeast Asia region. Together, Visa and Razer Fintech have the opportunity to transform the payments experience for not only the gaming community but many of Southeast Asia’s unbanked and underserved consumers as well.”
Min-Liang Tan, Co-Founder and CEO of Razer, said: “Razer Fintech is a core growth initiative for Razer as we continue to empower digital payments across emerging markets, starting from Southeast Asia. We are incredibly excited with the opportunities that this innovative payment solution serves to millions of consumers, connecting them to an extensive network of merchants globally. This partnership with Visa significantly extends Razer Fintech’s position as the largest offline-to-online digital payment network in the region.”
Razer Fintech and Visa look to roll out an exclusive Razer-branded Visa prepaid payment solution integrated into Razer Pay via a mini-app, which will cement Razer Pay’s position as one of Southeast Asia’s leading e-wallet platforms.
By leveraging Visa’s global network, Razer Pay users will be able to make payments wherever Visa is accepted. The prepaid solution will complement Razer Pay’s existing offerings, which include everyday essentials such as mobile top-ups, leading virtual credits, and entertainment purchases for music and streaming services. Users will also enjoy a slew of exciting benefits and rewards when using their prepaid cards for ecommerce transactions and when they make purchases overseas.
The integrated prepaid card solution will offer users the same convenient top-up and cash-out methods available on Razer Pay, underpinned by an advanced privacy and security framework. Razer Pay has collaborated with innovative partners to amplify its existing offerings by introducing ride-hailing, movie ticketing, and utility payments in streamlined mini-applications.
The collaboration between Razer Fintech and Visa aims to empower this segment of early adopters and introduce interactive and straightforward financial planning capabilities with a Razer-gamified twist. These capabilities will help to enhance the financial literacy levels of the Southeast Asia population. Razer Fintech and Visa’s partnership will help meet the unmet demands of this sizeable market and provide innovative financial tools for youths and millennials to participate in the global cashless economy.
Razer Fintech and Visa anticipate rolling out these solutions progressively in selected countries across Southeast Asia in the coming months, before expanding globally.