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RAZER Fintech, the fintech arm of gaming peripherals brand Razer, will launch a virtual prepaid card targeting youth and millennials in Singapore next January.
The Razer card, created jointly with Visa, will be integrated into the Razer Pay e-wallet platform, Razer Fintech and Visa said in a joint statement Tuesday.
The card is aligned with Razer Fintech’s ambition to establish the world’s first global youth bank. The fintech company is part of a consortium applying for a digital banking license in Singapore.
Users can register and use the Razer card without the need for a subscription. They also have the option to upgrade to a standard or premium physical card, the latter which lights up when paying.
Visa’s country manager for Singapore and Brunei Kunal Chatterjee said the card will feature contactless payment technology, allowing cardholders to tap to pay for everyday activities such as taking public transportation, buying movie tickets. and buy meals.
Users can also receive refunds for all paid purchases, with no minimum spend and no refund limit. Return rates are 1 percent for purchases made in all categories and up to 5 percent on RazerStore and Razer Gold purchases.
The card will feature a gamified rewards system through the Razer Pay app, where users can track, rate, and redeem rewards based on daily tasks and transactions.
The Razer card will be available to 1,337 selected users from October 6 to December 31 through a beta testing program before its official launch, Razer Fintech and Visa said.
Following the card’s launch in Singapore, it will be available in other countries where Razer Pay is available, subject to local regulatory approval, they added.
Razer Fintech CEO Lee Li Meng said that the collaboration with Visa opens up “many opportunities for us to reach out and meet the needs of consumers, particularly young people and millennials.”
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