Payment solutions giant Visa has partnered with a Singaporean business that aims to improve financial inclusion for the underbanked.
The platform is best known for gaming laptops and other equipment, but much like Chinese giant Tencent has diversified from gaming into fintech, offering a mobile payments app for users called Razer Pay.
The pair are developing a Visa prepaid solution, which will allow users to upload credit to a digital prepaid card even if they do not have a bank account. Users can top up and cash out, and are able to pay at any merchant that accepts Visa around the world.
Razer has 60mn registered users, often from countries with poor financial infrastructure. The companies announced their partnership on Monday and are currently rolling out the service across selected countries in the SEA region, but in the long term aim for global expansion.
“Razer Fintech is a core growth initiative as we continue to empower digital payments across emerging markets,” said Razer CEO Min-Liang Tan. “We are incredibly excited with the opportunities that this innovative payment solution serves to millions of customers, connecting them to an extensive network of merchants globally.”