United Overseas Bank (UOB) will support the Singapore launch of Razer Pay (Razer Pay Singapore), the e-wallet app designed for young people and millennials by gaming company Razer.
Razer Pay Singapore is slated for launch within the next few months, said UOB and Razer in a joint statement yesterday.
As part of what is an exclusive partnership with Razer, UOB will provide a suite of payment and cash management solutions for Razer Pay Singapore. This includes enabling users of Razer Pay Singapore to top up their e-wallets, and processing payments for Razer Pay’s global network of merchants.
Users will be able to top up their e-wallets using the eNETS debit or credit service, or by transferring funds via Fast (Fast and Secure Transfers) directly to Razer.
No other e-wallet app in Singapore supports Fast for the facilitation of fund transfers, cash out or top-up, said UOB and Razer.
It is understood that customers of the 20 participating banks of Fast – among them UOB, DBS, OCBC, ANZ Bank, Bank of China and Citibank – can use Fast to transfer money from their bank accounts to their Razer Pay e-wallets. Razer Pay Singapore is not limited to UOB customers.
UOB and Razer said they will explore the use of PayNow Corporate to allow Razer Pay Singapore users to make digital payments to both merchants and e-wallet users with just the business’ unique entity number or the user’s mobile phone number, respectively. PayNow Corporate will be launched on Aug 13.
UOB will also support Razer’s cross-border foreign exchange (FX) transactions. Through UOB’s digital FX solution, Razer will be able to access “wholesale FX rates” when making payments to its global network of merchants. Razer Pay Singapore users will also enjoy “competitive FX rates” when making in-app purchases in a foreign currency, said UOB and Razer.