The latest link between a tech upstart and a financial titanium is a digital prepaid card aimed at Southeast Asia's 430 million plus unbanked and underserved population.
On Monday, Razer, the Singapore-based company is best known for its portable laptops and peripherals, announced a partnership with Visa to develop a prepaid Visa solution. The service, which allows unbanked users to fill up and pay out money, will be available as a mini-program embedded in Razer Pay, the gaming company's mobile payment app. That means Razer's 60 million registered users will be able to pay at any of the 54 million trading venues around the world that take Visa.
Going virtual, the natural step is given the region's rapidly growing digital population, but the couple does not rule out the possibility of introducing a physical cash card down the road, said Razer's chief strategy, Li Meng Lee, TechCrunch over a telephone interview.
Both parties have something to gain from this marriage. Hong Kong-listed Razer has in recent years doubled in fintech to prove it is more than a hardware company. Payment business seems to be an inevitable development for Razer, whose users in the region are used to buying in-credits at convenience stores.
"For many years, the people who have made digital payments before it became a sexy word in the last couple of years … [many of them] are the players who go to a 7-Eleven, pay cash and get a pin code to buy virtual skins for the games, "noted Lee. "Because of that, we have been able to build more than a million service points across Southeast Asia."
The key differentiator of Razer's prepaid service, Lee said, is that customers who pay on Visa sellers do not need to already own a bank account, while that assumption is common to many other e-wallet services.
The Razer Pay app is handling transactions for a number of Internet services such as Lazada and Grab, and has made a great offline push, with a network of more than a million touch points through retailers, including 7-Eleven and Starbucks where it was accepted.
Overall, Razer Pay claimed that it processed over $ 1
For Visa, it could be a potential boost to link with an internet company so far in the mobile first Southeast Asia, where around 213 million millennia and adolescents live.
"This is a great opportunity for us to work with Razer to deal with how we work to bring the unbanked and subconscious people into the economic system," said Chris Clark, visa regional president of Asia Pacific, TechCrunch. "We will be working with Razer on financial expertise and financial planning to bring it education to the population across the region."
Razer's fintech ambition has been evident since it was announced to look up MOL, a company offering online and offline payments in Southeast Asia, in April 2018. In addition to payments, Lee said that other microfinance services such as lending and Insurance is also on the cards as part of an attempt to ramp up the ease of use of Razer's fine arm.