The new payment avenue for the uncarded and unbanked population is vital for the financial ecosystem nowadays, shares Gaurav Mittal, Regional Director, South Asia, Matchmove while in conversation with Poulami Chakraborty, Senior Correspondent, Elets News Network (ENN)
Q: Please elaborate more about Matchmove and its role in the payments systems.
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.
In 2014, MatchMove Pay launched the MatchMove Wallet, Asia’s first mobile payment card, in partnership with American Express. The MatchMove Wallet is a Platform-as-a-Service (PaaS) 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 also supports other major networks like MasterCard, Visa, Union Pay and JCB.
MatchMove Pay has been consistently recognised internationally for its outstanding innovation. This year, MatchMove Pay defeated a strong line-up of 14 other finalists to emerge as “Top Innovator” in the highly competitive global fintech competition, SWIFT Innotribe Startup Challenge at SIBOS in Boston. The company was also ranked as Singapore’s fastest-growing technology company in Southeast Asia in the Deloitte Technology Fast 500 Asia Pacific in 2013 and also awarded the Red Herring Top 100 Asia and Red Herring 100 Global in 2012.
Q. With technology and its implementation becoming an integral part of development in every industry how has it integrated in the ecosystem of Matchmove?
Customers who are in the ecosystem of MatchMove are enjoying rapid growth and expansion in their business as the ecosystem is providing them a new payment avenue for the uncarded and unbanked population.
Q. MatchMove helps online businesses increase revenue, user engagement and loyalty through the strategic use of our sophisticated games, social networking and site gamification platform. How do you describe your presence in Indian market, especially in public and private enterprise?
MatchMove’s presence is made possible with the valuable partnership with Yes Bank. With our integrated end-to-end payment technology and working opportunities via Yes Bank, MatchMove is able to provide prepaid cards solutions to various industries such as e-commerce, tourism and etc.
Q. As an online wallet service provider, what market demands do you face from telecom service providers?
Evolution of digital technology has created positive impact and also challenges to various industries. Major challenges faced by larger telecom service providers are time, data and cost.
In this digital era, time is one of the most essential factors for companies launching a new product or service to their customers. Often, larger telcom service providers have complex legacy architectures and systems which will result in additional time when developing new products or services for their customers. Hence, telecoms are exploring ways to expedite the process by working with reliable partners that can deliver a working product within a shorter time frame. System that can help to monetize the mountains of data that flow through their networks. With the huge amount of valuable data collected, Telcos wanted to make the best out of it to get insights for both business and marketing decisions. Controlling cost while able to deliver latest product to customers. By developing or subscribing to scalable services with vendors or partners, this can definitely help manage future costs, since operators will be able to react rapidly to market changes.
Q. Which are your key market competitors? What strategy do you take up to keep ahead of your market competitors?
Banks, Payment Company Such As Alibaba are our competitors. We aim to deliver the most updated technology with quality to our customers within a shorter time frame. This is achieved by our committed staffs who are constantly improving our internal systems to ensure a full and scalable platform, which can be customised easily according to customers’ requirements.
Q. Government of India has announced Digital India, a 2.50-lakh crore e-governance initiative for 2015-2019. Please share your readiness and strategy for Digital India?
Focusing on one of the most critical theme – Digital Wallet*, MatchMove aims to partner with various service providers and banks to bridge the gap between unbanked population and payment services. Leveraging on MatchMove’s s mobile wallet platform which is running on secured PCI-DSS Level 1 Version 3.0 platform with numerous enhanced security features, it will drive a new payment avenue for the uncarded and unbanked population to be able to make online payments. With the convenience of enabling the uncarded and unbanked population to shop and pay online, e-commerce merchants will also benefit from this newly added revenue.
Q. Could you brief us about MatchMove’s upcoming projects and future moves in the pipeline?
Indian market will be MatchMove’s main focus this year. With India’s population of 1.2 billion and only 250 million bank accounts, there are tremendous opportunities for MatchMove to continue driving mobile payment solutions for the uncharted and unbanked population. Apart from India, MatchMove is also in talks with a few potential partners in Europe and South Africa to seal off partnerships where we can introduce our sophisticated mobile wallet platform to drive a new payment avenue for the uncarded and unbanked population in other parts of the world.