MatchMove Launches the MatchMove Wallet
Mobile-first e-wallet to be launched across 8 Asian countries starting with Singapore
Singapore, 22 January 2014 – Leading online entertainment company MatchMove announced today the launch of a globally recognized mobile e-wallet starting in six high growth markets – Singapore, Vietnam, India, Thailand, Indonesia and Malaysia, and then moving on to Japan, Australia and the Middle East. A widely accepted virtual card will soon be the first of many innovative e-commerce products and services under the mobile MatchMove Wallet.
The Internet added 1.2 billion new users in the past 5 years, averaging more than 200 million each year, most of them contributed by emerging markets. Many of these users are looking to shop online but do not qualify for or have access to credit cards, which is the most convenient way to shop online today.
Furthermore, independent research projects the compounded annual growth rate of the e-commerce market in India, Indonesia and Vietnam to be around 40%, 58% and 75% respectively. The implication of this e-commerce boom in the region is that an increasingly larger number of uncarded middle income users who do not qualify for credit cards will nevertheless want to have payment methods which are widely accepted.
“Virtual cards confer many of the benefits of recognition and acceptance as credit cards, but are so much more accessible to the general populace,” said Nelly Jimron, Senior Vice President, Business and Operations at MatchMove. She added that virtual cards will allow a larger segment of society to share in the benefits of booming economies and drive an uptrend in online spend in high-growth markets.
The unique structure of the MatchMove Wallet also addresses a major concern for online shopping, namely, security. By virtue of being a pre-paid e-wallet system that utilises existing security features such as one-time pin authentication found only on credit cards, the MatchMove Wallet essentially protects users from unauthorized usage or from overspending. It also ensures that the user’s source of funds (credit card, bank account, etc) is kept confidential and never revealed to third party online merchants.
Additionally, the MatchMove Wallet is created mobile-first to provide the best user experience on mobile devices. The exponential growth of mobile usage and mobile data penetration meant that a first-rate mobile experience was essential to capturing users in the emerging markets such as Vietnam, India, Thailand and Indonesia.
Shailesh Naik, Chief Executive Officer, MatchMove Global, added, “The MatchMove Wallet therefore puts online shopping within reach of a massive and growing new market, whether it is parents providing secure, controllable cards for their children or middle-income users in emerging markets. We expect many of them to be coming on board using their mobile devices.”
Naik revealed that users of the MatchMove Wallet can also expect perks which are traditionally the domain of credit cards, such as air miles and deals, to be part of the offering in the near future.
The MatchMove Wallet is being launched in Singapore today at https://www.mmvpay.com, followed by the other markets across Asia in 2014.
For queries, please contact:
MatchMove Global Pte Ltd
Senior Vice President – Business & Operations
About MatchMove (http://www.www.matchmove.com/corporate/)
MatchMove helps online businesses better engage and monetise their users through online and mobile social entertainment. In the process, companies that use the MatchMove solution are able to increase revenue and loyalty through the strategic use of its sophisticated games and apps, social networking and site gamification platform. Major corporations worldwide use the customisable, cloud-based MatchMove solution to rapidly establish their own branded games and apps catalogue with full-featured social networking, multiple monetisation and e-commerce options, and with the ability to collect mobile payments anywhere in the world. Headquartered in Singapore with offices across Asia and the US, MatchMove is the exclusive games, social networking and gamification solution provider for many leading globally recognised online brands, telcos and mobile operators, media companies and entertainment providers that together have a combined base of more than 250 million users.