MatchMove Pay will launch its mobile wallet platform-as-a-service in India through YES BANK’s regulatory infrastructure. The partnership will mean that from the start MatchMove Pay will have a ready customer base – YES BANK’s – to sell its online payment solution via its pre-paid virtual cards licensed by MasterCard, telecomasia.net reports.
The World Bank 2014 Findex report estimates 43% of adults in India with an account made no deposits or withdrawals in 2014, and 230 million with an account pay utilities or school fees in cash. India’s ecommerce sector is growing at a compound annual growth rate of 35% (2014-2019) and predicted to reach over USD 100 billion by 2019.
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 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.
MatchMove says its B2B mobile wallet platform drives financial inclusion and literacy by providing a new payment avenue for the uncarded and unbanked. MatchMove’s mobile wallet offers ecommerce merchants an added revenue stream from a pool of customers who were unable to make online payment transactions before.
Ritesh Pai, senior president and country head of Digital Banking at YES BANK, said mobile wallet is a new concept in the country. Through the partnership the company hopes to be able to provide a unique array of secure and online payment solutions to its customers. Eventually the two entities will extend the platform in a co-branded model to airlines, ecommerce stores, lifestyle apps to enable in-app, one-click purchases.
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