- Significant move jumpstarts financial inclusion for uncarded and unbanked
- Directly addresses low credit card penetration rate of 1.6% in India
- Accelerates position in e-commerce market projected at US$100Bn by 2019
Singapore and Mumbai, October 7, 2015: - YES BANK, India’s 5th largest private sector Bank, today announced its tie-up with Singapore-based MatchMove Pay, Asia’s leading mobile payment platform provider, for a multi-dimensional strategic partnership to accelerate its expansion into the country’s booming e-commerce market and revolutionise India’s e-commerce and payments ecosystem. Initially MatchMove Pay will launch its mobile wallet platform-as-a-service in India through YES BANK’s regulatory infrastructure, thereby offering the latter’s customers an alternative online payment solution via its pre-paid virtual cards licensed by MasterCard. This will allow customers who do not own credit cards or even online banking facilities to immediately start making purchases online or in-app.
The online payment network will be hosted on MatchMove’s secure PCI-DSS Level 1 Version 3.0 platform with numerous enhanced security features, such as the dynamic one-time security code on the pre-paid cards, as opposed to static codes embedded on credit cards. The next stage of growth will see YES Bank and MatchMove extending the platform in a co-branded model to airlines, e-commerce stores, lifestyle apps to enable in-app, one-click purchases instantly, safely and easily.
Underscoring the enormous potential in India’s e-commerce market, both Associated Chambers of Commerce and Industry of India, and PricewaterhouseCoopers expect India's e-commerce sector to grow at a compound annual growth rate of 35% (2014-2019) to reach over US$100 billion by 2019. However, only half the population has bank accounts and the credit card penetration is estimated at 1.6%, considering India’s vast population of over 1.3 billion of which 70% owns a mobile phone. Filling this gap, MatchMove’s B2B mobile wallet platform drives financial inclusion and literacy with its mobile wallet by providing a new payment avenue for the uncarded and unbanked. Concurrently, MatchMove’s mobile wallet offers e-commerce merchants an added revenue stream from a pool of customers who were unable to make online payment transactions before.
Mr Ritesh Pai, Senior President and Country Head – Digital Banking of YES BANK, said, “In India Mobile wallet is a very new concept but it has gained a considerable amount of growth momentum in the recent past. As this product has already surpassed the customer base of credit cards, we at YES Bank strongly believe that there is a huge growth potential for this form of a specialized e-commerce service in the market. Therefore we are happy to partner with MatchMove as this will enable us to provide a unique array of secure and online payment solutions to our esteemed customers. MatchMove being one of the few privileged non-banking corporations that are licensed by MasterCard, we are confident that this relationship will be a game changer for the mobile payment market in the coming years”.
Mr Gitesh Athavale, Senior Vice President and General Manager of MatchMove Pay, commented, “We see enormous, untapped potential in India’s mobile payment market driven by the proliferation of e-commerce led by higher disposable income and increasing internet penetration. As a technology-driven company, our purpose is to deliver products and services that can innovate and enhance people’s lives. We aim to change people’s approach towards transacting monies online through our secure cloud-based payment gateway via our dynamic-coded pre-paid cards. Harnessing the potential growth of mobile payments, we hope to extend our scale and scope to become the network for mobile payments in India”.
ABOUT YES BANK
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.
About MatchMove Pay
MatchMove is Singapore’s fastest growing mobile payments technology company, providing innovative enterprise solutions to help businesses increase revenue, user engagement and loyalty through the strategic use of our customizable cloud-based platforms.
The MatchMove Wallet is a B2B platform-as-a-service that enables any major consumer brands, banks, lifestyle apps, telcos and regional e-commerce sites to easily issue secure mobile payment cards to reach millions of potential shoppers with smartphones in Asia and emerging markets. The full-service platform comes with the capability to issue virtual and physical cards from major networks like American Express, Visa, MasterCard, UnionPay and JCB. Uniquely, MatchMove is one of the very few worldwide mobile payment platform-as-a-service authorized by MasterCard and American Express to issue cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.
MatchMove Pay has been recognised internationally for its outstanding innovation, including “Global Top Innovator” at SIBOS in Boston and ‘”Top FinTech Disruptor” at the FST/Asean Banking Conference in Singapore. The company was ranked as Singapore’s fastest-growing technology company in Southeast Asia in the Deloitte Technology Fast 500 Asia Pacific in 2013
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