Business Wire India
Razer Fintech and IDEMIA clinched the Singapore Business Review (SBR) Technology Excellence Award for ‘FinTech Payment Cards’ for its LED-enabled Razer Card, the first of its kind in Singapore. The physical prepaid card can be used to make payments at any VISA-accepting merchants and is linked to Razer Fintech’s e-wallet platform to also allow for seamless virtual payments.
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The Razer Card, aimed at the e-wallet’s gamer-centric customer segment, absorbs power from the electric payment terminals when tapped, which would then power the LED embedded in the card to light up for several seconds while the payment is being processed – making a battery-powered card a thing of the past.
Each card is linked to the respective customer’s Razer Pay mobile app and can be used to make contactless payments at credit card terminals, after which the appropriate amount will be debited from the e-wallet balance.
“IDEMIA is dedicated to quality and innovation, which is reflected in our creation of one-of-a-kind products and solutions customised to suit our clients’ unique profile and needs. As Razer Fintech is synonymous with innovation and excellence – whether within the gaming ecosystem or the fast-growing FinTech market – we worked closely with them to provide their end-users with a unique and attractive payment, one that distinguishes themselves as e-wallet users in terms of status and technology,” said Romain Zanolo, Managing Director of APAC Financial Institutions, IDEMIA.
As part of the Razer Card’s initial roll-out, the Razer Card was opened to 1337 select beta users from October 2020 till January 2021. As with all IDEMIA cards, the Razer Pay card also incorporates advanced contact and contactless transaction technology for payment convenience. It also adheres to all typical credit card requirements, including meeting ISO specifications and schemes, and maintaining compliance with EMV chips and standard magnetic stripes.
“As many of our users are part of the high-end gaming segment, they have exacting standards and would settle for no less when it comes to product and solution excellence. Our Razer Card offers them just that and we have received great feedback on it from our customers thus far. IDEMIA has an unmatched track record in card production and security; with their technology, we are offering our discerning customers a product that helps them enjoy more value from our financial services via both style and substance,” said Lee Li Meng, CEO of Razer Fintech.
IDEMIA, the global leader in Augmented Identity, provides a trusted environment enabling citizens and consumers alike to perform their daily critical activities (such as pay, connect and travel), in the physical as well as digital space.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, an identity that ensures privacy and trust and guarantees secure, authenticated and verifiable transactions, we reinvent the way we think, produce, use and protect one of our greatest assets – our identity – whether for individuals or for objects, whenever and wherever security matters. We provide Augmented Identity for international clients from Financial, Telecom, Identity, Public Security and IoT sectors. With close to 15,000 employees around the world, IDEMIA serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter
About Razer Fintech
Backed by the leading global lifestyle brand for gamers synonymous with the youth and millennials, Razer Fintech is the financial technology arm of Razer Inc (1337: Hong Kong). Established in April 2018, Razer Fintech has grown to become one of the largest O2O (offline to online) digital payment networks in emerging markets and has processed over billions of dollars in total payment value. Razer Fintech operates two verticals, Razer Merchant Services (“RMS”) and Razer Pay.
Razer Merchant Services is a leading B2B (business-to-business) solution encompassing:
- RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global blue-chip merchants in SEA.
- RMS Offline: SEA’s largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services (including Razer Pay top-ups and fulfilment of e-commerce purchases), distribution of third-party point-of-sale activation (POSA) cards, and merchant acquiring services for Razer Pay and other third-party e-wallets.
Razer Pay is a B2C (business-to-consumer) solution comprising an all-encompassing e-wallet focused on offering a plethora of compelling use cases targeted at the youths, millennials.