Razer Fintech and Visa have unveiled a new prepaid card, dubbed the Razer Card, now in its test phase. The Singapore-based financial technology company said the move is part of its goal of establishing “the world’s first global youth bank.”
“Right from the start, we have been very excited about our collaboration with Visa to transform the digital payments experience globally,” said LiMeng Lee, Razer Fintech CEO, in a press release. “Over the last year, since our initial announcement, a lot of time and effort has gone into developing and perfecting this product.”
He added that the new prepaid Visa card “opens up many opportunities for us to reach out and meet the needs of consumers, particularly the youth and millennials.”
“Razer cardholders will enjoy a number of benefits, including unlimited cashback for online and face-to-face purchases,” said Kunal Chatterjee, Visa’s manager for Singapore and Brunei, in the release. “The Razer Card will also feature contactless payment technology, allowing cardholders to tap to pay for their day-to-day activities such as taking public transportation on buses and trains, buying movie tickets at the cinemas and purchasing a meal at quick-service restaurants.”
The companies said there will not be a subscription cost for the virtual Razer Card and that users will have the option of upgrading “to a Standard or Premium physical card.” The rewards setup will be “ gamified” and use an in-app system. The “collaboration unlocks global acceptance of 61 million merchant locations for Razer Card users,” the release said. Razer Pay users can “opt-in for a free virtual card” as well.
Last year, Razer said it would enable Razer Pay eWallet users to make payments wherever Visa is accepted.
Last month, the FinTech teamed up with investment giant Franklin Resources to announce a plan to create a digital wealth-management platform targeted at millennials and young investors.
In a news release, Dora Seow, the Franklin Templeton head for Singapore, said: “The reach of Razer Fintech’s iconic brand amongst the youth and millennials aligns with Franklin Templeton’s desire to target the new generation of investors.”
Razer, parent company of the FinTech, is mostly known as a gaming and electronics giant.
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