The fintech arm of gaming hardware company Razer on Tuesday announced that it will work with payments firm Visa to release the Razer Card, a virtual prepaid card with no subscription fee.
Razer claims that it is the first prepaid card in Singapore to offer year-round cashback with no capped limit. It can be used to make payments at more than 61 million locations worldwide where Visa is accepted. The prepaid card will be integrated with the firm’s e-wallet app Razer Pay, where users can track and redeem rewards through a “gamified rewards system.”
“Right from the start, we have been very excited about our collaboration with Visa to transform the digital payments experience globally,” said Lee Li Meng, chief executive officer of Razer Fintech. “This collaboration opens up many opportunities for us to reach out and meet the needs of consumers, particularly the youth and millennials.”
The Razer Card will be in beta-testing for 1,337 users from now until December 31. The official launch in Singapore is slated for January 2021, before being released in other countries where Razer Pay is available, such as Malaysia.
Razer’s first prepaid card is part of the firm’s goal of establishing the “world’s first global youth bank.” Young people are “overlooked by traditional banks,” Razer CEO Tan Min-Liang told KrASIA last month. Razer Fintech applied for a digital banking license in Singapore in January, which is still being processed.