On 20th August, Singapore’s Prime Minister Lee Hsien Loong tweeted about fragmented e-payment systems, to which Razer CEO Min-Liang Tan responded to and rose to the challenge and mentioned an intention to propose a Unified Epayment System.
Say the word and I'll have the epayment system rolled out nationwide in 18 months. For Singaporeans. By Singaporeans 😉
— Min-Liang Tan (@minliangtan) August 22, 2017
Today, Min-Liang Tan announced on his Facebook Page that they are pushing through with a proposal to develop a unified standard for Singapore’s payment ecosystem.
So this implies a few things. Some stores in Singapore have Nets, some have Visa/Master/Credit. Some have all both – you see where this is going. For online shops, there’s these, plus a bunch of other solutions like PayPal, Cherry Credits, and a bunch of others. Razer wants to implement one framework to rule them all. Read the summary here, and the full executive proposal here.
Razer intends to create a CEF – Common E-Payment Framework. This will be an open framework that can be used by different payment solutions currently in place. This means that whether a shop only has a NETS reader, a Credit Card reader, or possibly even won’t need any of those readers with this. I imagine them to be implementing something a system like Square, which seems to be gaining traction in the US – I’ve seen it used in farmer’s market shops in Seattle and even coffee shops in the area.
RazerPay is a cloud-based e-wallet solution that utilizes existing RazerPay technologies. This e-wallet can take on different forms, from a Stored Value Facilities (SVF) card, to a mobile wallet application, a chip and more.
Because it’s an e-wallet solution, it can be as simple as having an app to use to pay. In a sense that would be better than Apple Pay or Google Wallet because the Razer solution will be implemented “with policies governed by the Monetary Authority of Singapore”.
Min-Liang Tan has also expressed that it is not a profit-motivated initiative, and says:
Additionally, I’d like to reiterate that the motivation behind RazerPay is one for public good first, and private enterprise second. In the event of a better proposition (compliant to CEF, successful in mass adoption etc.) that is able to advance Singapore to a cashless society within 18 months, we will cease focus on RazerPay to fully support the incumbent solution so that we won’t have a situation of multiple competing standards.
I’m personally quite excited for this, both as a Razer employee, and as someone living in Singapore. (Disclaimer: I don’t work with the team handling this, so it’s quite exciting to be as shrouded in mystery as everyone else!)
Razer is now looking for new hires to this very initiative. Some of the openings include:
- Business Unit Lead
- Engineering Lead
- Merchant Acquirer Lead
- Payment Services Lead
- Regulatory/Legal Lead
We’ll see how this pans out – I’m personally very happy that gaming companies can give back to society as well.