+1-888-308-5802     
News Contact Us

UOB inks deal with Razor, aims to provide e-wallet in Singapore

Author : Sunil Hebbalkar | Published Date : 2018-07-19 

The United Overseas Bank (UOB) has reportedly signed an agreement with a gaming company, with the intention of introducing a digital wallet in Singapore. As per sources, the deal comes merely within a few weeks post Razor’s launch of an e-wallet in Malaysia.

UBO and Razer said in the media statement that the e-wallet is named as Razer Pay Singapore (RPS) and it is apparently the first of its kind supporting FAST for the convenient facilitation of cash-out, top-up, or fund transfer. For the uninitiated, FAST is an electronic funds transfer service enabling customers to instantly transfer Singapore dollars from one participating bank to the other.

Reports claim that under this partnership, UOB will be providing a range of cash management solutions that would allow Razor Pay Singapore users to top up their e-wallet. Additionally, UOB will also provide payment processing for the wallet’s merchant network.

So Lay Hua, Head, Group transaction banking, UOB, claims that working with a brand like Razer at the beginning of their journey to launch an e-payment solution is in alignment with UOB’s commitment to advocate a digital payments landscape in Singapore.

Apparently, UOB and Razer, both hope to be a part of the changing digital payment transaction spectrum across the globe that is gaining quick recognition in the ASEAN. Earlier, Razer, with the intention of becoming a pivotal digital payment provider, also announced a tie-up with SingTel in order to unify regional payments.

According to the press release, Razer Pay was launched first in Malaysia two weeks ago, as a partnership between Razer and Berjaya Corporation with over five hundred thousand sign ups in lesser than a week. Quite similar in functionality to the Singapore digital wallet, users can transfer money from their Razer Pay e-wallet to their bank account, transfer funds via peer-to-peer cash transfers, and make online transactions.

Reportedly, 7-Eleven, Cosway, Starbucks, Krispy Kreme, Wendy’s, and Tealive are some of the vendors who will be accepting payments using Razor Pay.

About Author

Sunil Hebbalkar

Sunil Hebbalkar

Sunil Hebbalkar currently works as a content writer for fractovia.org and other portals. A post graduate in mechanical design engineering, he nurtures a passion for writing articles related to myriad industry verticals such as the technology, automotive, and healthcare sectors. When free, Sunil pursues his interest in cycling, reading, and sketching. He can be contacted at- [email protected] | https://twitter.com/HSuniel

Related News

Amazon partners with British company Next for click & collect service

Published Date: 2019-05-16         Author: Sunil Hebbalkar

Amazon has declined to unveil the commercial terms of its Counter partnerships or amount of investment in the initiative. The leading e-commerce giant Amazon has reportedly partnered with the U.K. based clothing chain Next to offer a network of stores where the British customers of Amazon can co... Read More

Bird introduces e-scooter Bird One for sharing and ownership

Published Date: 2019-05-10         Author: Sunil Hebbalkar

Bird has been aggressively trying to expand its share in electric scooter market over the last few months. The dockless electric scooter sharing company Bird has reportedly announced that it has launched its new scooter, named Bird One, for shared-use cases and ownership. The company will also di... Read More

Tech giant Accenture announces acquisition of Germany’s Zielpuls

Published Date: 2019-05-02         Author: Sunil Hebbalkar

Globally acclaimed company Accenture has made it to the headlines for its acquisition of Zielpuls, a Germany-headquartered technology consultancy. Zielpuls, established in 2008, is anticipated to bring in a team of around 190 highly skilled professionals hailing from the backgrounds of technology, s... Read More

© 2019 Fractovia. All Rights Reserved