The debut of Razer Pay in Kuala Lumpur comes less than three months after the San Francisco- and Singapore-headquartered firm acquired Malaysia-based online and offline payments firm MOL Global for about $61 million.
Following the acquisition, MOL’s One2Pay e-wallet app was integrated into Razer Pay, with existing users automatically upgraded to Razer Pay through the iOS App Store or Google Play Store updates.
In a statement posted on its website, Razer said Razer Pay in Malaysia is a partnership between Razer Inc and Berjaya Corporation Berhad, one of Malaysia’s largest conglomerates.
In the coming months, Razer Pay will be rolled out in other Southeast Asian countries, with a focus on interoperability between countries, according to the company statement.
“Razer Pay is going to make cashless payments easier than ever. We’re excited to launch Razer Pay first in Malaysia as part of our global rollout, and our partnership with the Berjaya Group will make it convenient for everyone to join the cashless revolution today,” said Razer co-founder and CEO Min-Liang Tan.
Razer was co-founded in 2005 as a maker of computer mice that catered to hardcore gamers around the world. Today, its assortment of gaming accessories from laptops to audio devices, which all bear its distinctive green tri-headed snake logo, is revered among a niche gaming consumer base.
New players are trying to disrupt Southeast Asia’s mobile payments space. Recently, SpherePay, a Singapore-based mobile payment solutions firm raised over $100 million to boost its regional expansion.
Another Singapore-based e-commerce firm, Carousell, ventured into the fragmented payments space in the region, seeking to tap the potential of digital payments in a market of over 600 million consumers.
Ride-hailing major Grab is expanding GrabPay, which seeks to become the “unilateral wallet” of Southeast Asia.
With a young population of over 600 million people who love to spend, Southeast Asia has become a magnet for financial services and payments companies, according to Jianggan Li, founder and CEO of venture builder and investment consultant Momentum Works.