Razer submits proposal for unified e-payment plan
It suggests MAS oversee the framework and will commit $10 million to project
Tech company Razer submitted its proposal for a unified e-payment system here yesterday - within the two-week deadline it promised - saying its aim was to make Singapore a cashless society within 18 months.
Central to its proposal is a common e-payment framework overseen by the Monetary Authority of Singapore (MAS).
This, it said, is to be complemented by an existing or new e-payment solution - potentially its own proposed system - that fits the framework.
Its solution - RazerPay - is envisioned as a cloud-based e-wallet that can be accessed through many ways, such as a mobile app or stored value card.
This came about after a Twitter exchange between Prime Minister Lee Hsien Loong and Razer chief executive Tan Min-Liang last month, when Mr Lee took up Mr Tan's offer to develop a unified e-payment system.
"Make me a proposal and I will study it seriously," Mr Lee tweeted Mr Tan.
Mr Tan promised to deliver within two weeks, and has done so.
Razer sent the 36-page proposal to the Prime Minister's Office, MAS and the Smart Nation and Digital Government Office yesterday, and made publicly available an executive summary.
It proposed MAS oversee the framework as it is in the best position to deal with multiple private sector players.
The framework should be open and "interoperable" to unify schemes here. An e-payment solution must then be rolled out to fit this framework.
Razer said it will commit $10 million in seed funding to create the e-payment system, and is aiming for one million sign-ups in 18 months from Oct 1.
It also announced six new job positions to work on RazerPay.
But if a different unified e-payment system gains mass adoption, it will drop its focus on RazerPay and support that.
Razer is best known for its gaming accessories.
Analysts said while Razer's proposal is strategically sound, it does not flag anything unknown to industry players.
Most noted that getting people to use RazerPay might not be easy for the company.
Singapore University of Social Sciences economist Walter Theseira also said that while Razer has accomplished much in the area of consumer electronics, it has no experience in large-scale payment transactions and operations.
Mr Tan accepts the challenge set out for the company.
"When we set out to disrupt the gaming industry, no one believed we could pull it off either," he said.
"We are not in the business of talking but doing, so let us see if Singapore is a cashless society in 18 months - whether RazerPay is successful or otherwise."