It was once touted as a mega e-payment network and a stepping stone towards getting a digital banking license (which it didn't acquire), but today, the company published that it's pulling the plug for its Razer Pay e-wallet payment ecosystem.
Launched in mid-2019 as a beta service and a testbed for Razer Fintech, the service had partnerships with NETS, FOMO Pay, VISA and more, while the app was available for both iOS and Android. However, even in 2019, the digital payments landscape was saturated with a plethora of options, while Razer's stint in offering free Razer emblazoned masks by signing up for Razer Pay, hasn't helped it take off in a big way.
The Razer Pay app contributed a very small amount to Razer Fintech’s overall performance, with over 95 per cent of our TPV (total portfolio value) 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 payments solution provider. -- Li Meng Lee, CEO of Razer Fintech.
The Razer Pay (Beta) service will end on Sept 30, 2021, and the company is offering details on how to withdraw your wallet's balance and commence account closures on their site.
While Razer Pay ends its course, we can still expect to see other developments from the Razer Fintech arm to improve its partner ecosystem and services.
This article was first published in Hardware Zone.