Singapore-based financial technology firm Razer Fintech has collaborated with digital payments firm Visa to roll out a new Visa prepaid solution, dubbed Razer Card.
The new offering enables users to sign up and use the virtual card at no subscription, with an option to upgrade to a Standard or Premium physical card.
The cardholder can receive cashback for one year, through gamified rewards system in-app, without any upper limit, and can make payments at merchant locations where Visa is accepted.
Razer Fintech said that the new integrated prepaid payment solution is in line with its aim to establish the world’s first global youth bank, which was outlined in its application for the Monetary Authority of Singapore (MAS) Digital Full Bank License in Singapore.
Razer Fintech chief executive officer Lee Li Meng said: “Right from the start, we have been very excited about our collaboration with Visa to transform the digital payments experience globally. Over the last year, since our initial announcement, a lot of time and effort has gone into developing and perfecting this product, that is truly going to value-add significantly to the lifestyle of our users.
“With this Razer Card, we have co-developed a unique prepaid solution that further cements our position as the largest offline-to-online digital payment network in the region. This collaboration opens up many opportunities for us to reach out and meet the needs of consumers, particularly the youth and millennials.”
Razor will use Visa’s network to launch the new Razer Card in Singapore
Established in 2018, Razer Fintech is a large-scale offline-to-online (O2O) digital payment network, operating two business arms Razer Merchant Services (RMS) and Razer Pay.
Razor intends to roll out the new Razer Card in Singapore, by leverage Visa’s network and other countries around the world, where Razer Pay is available, subject to local regulatory approvals.
The new prepaid card solution offered through the Razer Pay app would enable the users to make digital payments for online, in-store, contactless and chip transactions, where Visa is accepted.
Furthermore, the company intends to offer the new card to 1,337 selected users before the official launch, through an exclusive beta testing programme, until 31 December.
The scheme is said to provide the selected users with an opportunity to use the virtual beta and physical card and provide the user feedback prior to the public release, said the company.
Visa Singapore and Brunei country manager Kunal Chatterjee said: “We’re excited to launch the Razer Card, the first Razer Visa prepaid product, to expand digital payments access to youth and millennials.
“Razer cardholders will enjoy a number of benefits including unlimited cashback for online and face-to-face purchases.
“The Razer Card will also feature contactless payment technology, allowing cardholders to tap to pay for their day-to-day activities such as taking public transportation on buses and trains, buying movie tickets at the cinemas and purchasing a meal at quick-service restaurants.”
