MasterCard Partners with MatchMove Pay to Launch Mobile Virtual and Physical Payment Cards across Southeast Asia
MatchMove Pay becomes issuing and acquiring member of MasterCard network.
MatchMove Pay, the SE Asian leader in open-loop mobile payments, and MasterCard, a global payments solutions organization, today announced plans to issue MasterCard prepaid cards across Southeast Asia using MatchMove Pay’s platform-as-a-service.
The MasterCard prepaid card will be rolled out in selected countries from March 2015, and will be accessible from the mobile wallet powered by MatchMove Pay. The service offers consumers the convenience and safety to shop online or in-store without the need for presenting credit or debit cards.
Besides shopping safely wherever MasterCard is accepted, consumers can expect other useful features such as:
– Optional Physical card – For consumers’ convenience in making offline/in-store purchases, a physical card will be available with the balance and account tied to the virtual account in the mobile wallet.
– P2P (person-to person) Transfers and Remittance – Users can transfer money securely and instantly to friends and family locally or internationally by only using mobile numbers, and at a lower cost than traditional methods.
– Multi-cards – The flexibility to own more than one card in one e-wallet account for different usages, family members and better budget management.
– Loyalty programs and special offers to better match users’ lifestyles.
To ensure personal data security, the payment card generates a new security code for individual transactions and the entire platform is compliant with global PCI DSS 3.0 data security standards and with local regulations in each country of issue. Reloading of funds to the payment card is done easily and quickly via various online and offline channels whenever required.
This agreement with MasterCard is a significant milestone for MatchMove Pay as the company expands aggressively into emerging markets in the region to provide mobile wallet and mobile payment cards solutions to major banks, e-commerce companies, telco’s, and lifestyle apps. “With our innovative technology and experience in providing safe and secure payment card services, this product will present consumers in growing markets with the convenience of a secure payment platform for online shopping and other money transfer services.” said Mr. Shailesh Naik, CEO of MatchMove Pay.
“With MasterCard’s worldwide network, MatchMove users can look forward to having their MatchMove Pay prepaid card accepted for payments globally, and have the convenience of being able to make safe and secure P2P money transfers to people anywhere in the world – instantly,” said Matthew Driver, President, South East Asia, MasterCard.
MasterCard and MatchMove will be launching the payment cards with three major banks in the Philippines and Vietnam in March. MatchMove will also launch a MasterCard for specific segments like online gamers, students and travellers in Singapore in early Q2. In addition, MatchMove and MasterCard are also in advanced stages of planning the launch of the products with selected local partners in Thailand, Indonesia and Malaysia, by early Q3.
To experience the MatchMove wallet, please visit http://www.mmvpay.com
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About MatchMove Pay
MatchMove Pay is Singapore’s fastest growing 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 platform-as-a-service that enables any major consumer brands, banks, 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 wallet contains Amercian Express and MasterCard prepaid cards issued by MatchMove and also supports other major networks like Visa, Union Pay and JCB.
MatchMove Pay has been consistently recognised internationally for its outstanding innovation. In 2014, MatchMove Pay was named “Top Global Innovator” in the highly competitive global fintech competition, the SWIFT Innotribe Startup Challenge at SIBOS in Boston. The company was also ranked as Singapore’s fastest-growing technology company in Singapore and Southeast Asia in the Deloitte Technology Fast 500 Asia Pacific in 2013.
For more information, please visit: http://www.mmvpay.com/.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.