MasterCard partners with fintech startup MatchMove across SEA
By Digital News Asia March 20, 2015
- To launch mobile, virtual and physical payment cards across region
- MatchMove Pay becomes issuing and acquiring member of MasterCard network
SINGAPORE-headquartered MatchMove Pay and MasterCard have announced plans to issue MasterCard prepaid cards across South-East Asia using MatchMove Pay’s platform-as-a-service.
The MasterCard prepaid card will be rolled out in selected countries from March, and will be accessible from the mobile wallet powered by MatchMove Pay, the two companies said in a joint statement.
The service offers consumers the convenience and safety to shop online or in-store without the need for presenting credit or debit cards, they added.
This agreement with MasterCard is a significant milestone for MatchMove Pay as the company expands into emerging markets in the region to provide mobile wallet and mobile payment cards solutions to major banks, e-commerce companies, telcos, 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 MatchMove Pay chief executive officer Shailesh Naik.
MatchMove Pay has been ranked as Singapore’s fastest-growing technology company in the Deloitte Technology Fast 500 Asia Pacific in 2013.
In January, it announced it had completed an undisclosed investment round led by Japan’s Credit Saison, and including GMO Venture Partners. Its other investor is Vickers Capital Group, which in October 2009 pumped in an undisclosed amount as well.
Besides shopping safely wherever MasterCard is accepted, consumers can expect other 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 programmes 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, MatchMove Pay said.
“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, MasterCard president of South-East Asia.
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 (second quarter of 2015).
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.
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