Razer, videogame peripheral maker, online videogame storefront, and cryptocurrency creators, have announced that they have acquired online game payment provider Rixty.
Rixty is an alternative payment provider which allows users to pay for online games and digital content using both cash and coins. Rixty was previously acquired by MOL Global, a Malaysian payments company who specialise in cashless payments and gaming.
In September of 2017, Razer announced its plan to launch a Singaporean national cashless payments system, and in April of this year purchased MOL Global for a deal reported to be worth $61m. They have since consolidated their hold with a full acquisition of Rixty/MOL Global.
The acquisition of MOL Global was seen as a step towards launching their Singaporean payments system, as well as merging both Razer’s zGold and MOL’s MOLPoints virtual currencies.
With the acquisition of Rixty, it appears that Razer is continuing to consolidate their ambitions in Asia, and Razer zGold can already be used to load Rixty accounts with funds.
Speaking to The Business Times regarding the previous MOL Global deal, Adrian Chng, chief of fintech consultancy Fintonia Group said that “The real prize for Razer in buying MOL is the ability to enhance and deepen control over payments within its gaming platform”
He went on to state: “This is likely to be the primary driver, establishing Razerpay as a direct competitor to Nets and GrabPay in Singapore – and foreign players like Alipay, WeChat Pay, and Grab rival Go-Jek’s Go-Pay, which all could make further inroads in Southeast Asia – may be lower down the list of priorities for now.”
It is yet to be seen what’s next for Razer in Asia, but these recent acquisitions show that Razer’s eyes are definitely focused on the East.
Further to this, questions arise about the next steps for Razer as they are continuing to diversify their business. Starting out as a hardware retailer and software provider, they have recently launched their own videogame store online, and movement into purchasing payment providers may imply that the direction their business is taking is into a complete customer journey, from hardware to software. Acquiring a Payment Service Provider such as MOL or Rixty does imply that it is this total approach to customer retention which is being eyed.
We have reached out for Razer for comment, and will update as soon as we have more information.