Federal Bank Partners With MatchMove For Digitizing Payments
Singapore and Mumbai, November 29th, 2017 – Federal Bank, a leading private sector bank in India, partners with MatchMove India Pvt Ltd to digitize rollout of employee reward systems.
MatchMove Partner Card Program will help in replacing the existing systems prevailing in various companies for fringe benefits including rewards and loyalty schemes to employees. The system is intended to make an end-to-end digitization of the issue and management of the various work-life benefits including service and facility vouchers.
According to the BCG/Google Digital Payments 2020 report, India now represents one of the largest opportunities for payments. With a population of over 1.25 billion eager to partake in rapidly evolving advancements in technology, India is poised to make the most of digital developments transforming the payments space.
Mr. Jose K Mathew, Executive Vice President and Retail Business Head of Federal Bank said – “Federal Bank has always been in the forefront in promoting cashless transactions and digital payments through card transactions. We are adopting various initiatives towards innovating and digitizing payments. This partnership with Matchmove will be another milestone in Federal Bank’s journey towards smart payments”
Gaurav Mittal, SVP South Asia & Middle East: “Digitization of payments presents a large opportunity in the Indian context. It is estimated that the total payments conducted via digital payment instruments will be upward of $500bn by 2020. The MatchMove Pay & Federal bank partnership will go a long way in promoting digital payments among people and bring us one step closer to our mission to help make India a cashless society”.
MatchMove enables companies to offer a fully branded and secure “Bank in Any App”, increasing revenue and user engagement. The MatchMove proprietary Banking OS™ is built with the vision of expanding cashless payments in developed markets and in developing market strengthening financial inclusion. The Banking OS enables any app to deliver Spend, Send, Lend™ capabilities to all its users, without ever going to a bank branch. In addition, app owners can offer their customers a fully branded, secure mobile banking wallet solution that includes P2P transfer, Cross-Border Money Transfers, Top Up channels, Virtual Payment Cards, Loyalty Points & Rewards, Promotions & Offers amongst many other features. The Banking OS is a fully customizable platform that is cloud-based, always compliant with regulators in each country and PCI-DSS compliant.
About Federal Bank.
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,678 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.77 Lakh Crore as at September 30, 2017 and it has earned a net profit of Rs 473.85 Crore for the half year ended 30 September 2017. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 14.63% at the end of 30th September, 2017. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress. During FY 17 the bank handled around 15% of the total personal inward remittance to India.
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