Singapore: Razer proposes RazerPay e-payments system

A customer performs a transaction on an ATM in a file photo. REUTERS/Laszlo Balogh

Gaming hardware designer Razer is making inroads into becoming a major e-payments player with its proposal to launch RazerPay, a cashless digital payments system that will operate in Singapore.

The firm is proposing the development of a common e-payment framework (CEF) – an open framework possessing interoperability with other digital payment solutions – to create an open and shared bridge between all funding sources and merchant acquisitions in the city-state and believes that “a CEF with policies governed by the Monetary Authority of Singapore is integral to promoting a unified e-payment system”.

Its proposal is RazerPay, which it describes as a “cloud-based e-wallet solution” that utilises its existing technologies and which can take different forms, ranging from a Stored Value Facilities (SVF) card to a mobile wallet application, a chip and more; this solution is meant to be compliant with CEF and targeted at end-users, consumers and businesses in Singapore to establish an e-payment, cashless service to accept digital transactions.

Another proposal is to spearhead support for an e-payment solution in Singapore, driven by private sector solutions such as AliPay or TenPay.

Additionally, Razer wants to establish an e-payment advisory board that brings together experts from related domains such as banking, payments, technology and legal counsel to ensure alignment with the Singapore governments’ vision of a cashless society.

Razer has stated that it will commit S$10 million to its RazerPay e-payment initiative, which the company says it will commit S$10 million ($7.34 million) and has a target of 1 million e-wallet sign ups by May 2019. The company is already looking to fill various business, operational and technological roles in relation to RazerPay.

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