India’s fifth largest private bank, YES BANK, is teaming up with Singapore’s MatchMove Pay to target India’s burgeoning e-commerce and payments market.
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.
The World Bank 2014 Findex report estimates 43% of adults in India with an account have made no deposits or withdrawals in the past year, and 230 million with an account pay utilities or school fees in cash.
India’s e-commerce sector is growing at a compound annual growth rate of 35% (2014-2019) and predicted to reach over $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 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.
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 e-commerce 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 instantly, safely and easily.