Singapore's Razer gives up costly ASEAN e-wallet battle

More consolidation expected as big players invest heavily in user acquisition

Razer Pay will be shut down at the end of September as e-wallet competition heats up in Southeast Asia.

KENTARO IWAMOTO, Nikkei staff writer

August 26, 2021 15:00 JST

SINGAPORE -- The high-cost battle to capture Southeast Asia's growing e-wallet market has claimed a major casualty, with Singaporean startup Razer announcing it will shut down a business that had over 1 million users.

Razer, primarily a gaming hardware maker, will stop its Razer Pay e-wallet at the end of September. The withdrawal could make other tech companies rethink their e-wallet strategy and pave the way for industry consolidation.