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.