Razer Pay Shuts Down
Razer Pay was launched first in Malaysia in July 2018 and then Singapore in March 2019.
The high-cost battle to capture Southeast Asia's growing e-wallet market has claimed a major casualty, with Singaporean startup Razer announcing it will shut down a business that had over 1 million users.
All Razer Card beta users will not be able to use the card and payment functionalities from 31 August 2021.
Additionally, Razer Pay beta will end on 30 September 2021, after which, all wallet top-up, payment and transfer features will no longer be made available. The Razer Pay app will also be inaccessible from 1 October 2021.
According to Lee Li Meng, Chief strategy officer of Razer Fintech, “The Razer Pay e-wallet app was conceived as a testbed for Razer Fintech to better understand the e-wallet and scheme card ecosystem in Singapore and Malaysia. The app contributed a very small amount to Razer Fintech’s overall performance, with over 95% of our TPV driven by Razer Merchant Services (RMS). As part of the strategy to drive Razer Fintech’s hypergrowth ambitions in its next stage of development, Razer Fintech will sharpen its focus on RMS to position itself as a forward-thinking, merchant-focused B2B payment, solution provider.”
Lets recap on what the CEO of Razer Fintech said before Razer pay started. ?
Razer CEO Tan Min Liang said in a statement: "Razer Pay is already one of the largest e-wallets in Malaysia and we plan to provide for inter-operability across the border to Singapore in the future.
Subsequently, The Razer Pay e-wallet was launched on 1st March 2019 for beta testing by gamers and other users for the first six months.
Back in 2017, Razer CEO Tan Min Liang promised Prime Minister Lee in a tweet exchange that he would roll out an e-payment system nationwide in the span of 18 months, and also would send him a proposal for it.
Four years on, the company is backing out of the fruit of this promise. Razer Pay and the Razer Card will be shut down.
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Here we have the government Paynow and the 3 local banks payment system and also not forgetting GrabPay which is common here and lots more users using
E-wallet is like a bank without physical store, allowing storing cash, do transactions,etc with much lower operation cost