Gaming-focused multinational tech company Razer’s foray into its e-wallet services Razer Pay and Razer Card will come to an end on September 30, 2021.
All Razer eWallet payments will be suspended after August 31, 2021. This means that all the wallet recharge, payment and transfer functions in Razer Pay (beta) will no longer be available.
The same period also applies to redeeming gift codes for the Razer card.
Additionally, the Razer Pay app will also be inaccessible as of October 1, 2021.
Less than two years have passed
Launched in Malaysia in July 2018 and in Singapore in March 2019, Razer’s short-lived electronic payments wallet company unfortunately did not garner enough support from the masses.
Razer CEO Tan Min-Liang’s opening statements that Razer Pay was one of the largest e-wallets in Malaysia it was not in keeping with its reception in Singapore.
Singapore’s e-wallet market is already highly saturated with many strong competitors, including GrabPay, FavePay, Google Pay, Singtel Dash, and AliPay.
Mobile portfolios owned by Singaporean banks also have strong market share, leaving little to no room for new entrants.
Despite Razer’s strong fan base and multiple marketing efforts, including free Razer Pay-powered vending machine skins, Razer Pay struggles to gain significant traction here.
The tech giant’s Razer prepaid card did not fare well with its target millennial clientele, despite its efforts to implement attractive perks.
The money-back privileges of its banking competitors were hard to beat. Their exclusive 10 percent cash back on Razer Store (hardware) and Razer Gold (in-game transactions) purchases just wasn’t enough to incentivize a strong enough acceptance rate.
Other reasons cited for the Razer Card outage include customer complaints about errors and double purchase charges, among other issues.
More recently, Razer also failed to win the tender for a digital banking license in Singapore. It had said in a press release that if they were successful, they would leverage their lifestyle brand and global presence to build the “world’s first global youth bank,” aptly named Razer Youth Bank.
Coupled with this recent news, it appears that Razer’s mobile payments company has stunted. For now, it’s time for Razer fans to say goodbye to its minimalist gaming aesthetic in matte black, with premium LED lights forever.
Featured Image Credit: Razer