- Enabling e-commerce: MatchMove Pay is bringing online and mobile payments to Southeast Asia by providing virtual cards linked to digital wallets that users can easily top-up at the nearest ATM. Users need not have a bank account to use MatchMove Pay, which allows the non-banked to engage in e-commerce, an increasing trend in Southeast Asia.
- Available markets: MatchMove Pay is currently available in Singapore, the Philippines, Vietnam, India, Thailand, Indonesia and Malaysia.
- Funding: MatchMove Pay recently announced the completion of a significant investment round of about US$ 30 million, with Japanese financial services giant Credit Saison as the lead investor.
- Value proposition: Other than Singapore, the credit card penetration rates remain very low in Southeast Asia (less than 5% in most SEA countries). The market for e-commerce and mobile commerce in Southeast Asia is on the rise, due to the nearly full penetration of mobile phones in Southeast Asia. MatchMove Pay targets the increasing need for cashless payments by offering MatchMove Wallet, which allows users to pick up a stored-value card from convenience stores, and use it like a credit card.
- Revenue model: MatchMove Pay generates revenue through a license fee from enterprise customers who use the platform, and transaction fees. Transaction fees can come from top-ups, advertisements, subscriptions and more.
- MAS approval: In October 2015 MatchMove announced it had been granted by the Monetary Authority of Singapore (MAS) a license to carry out remittance services in the country. Going forward, the company will be introducing “innovative but compliant and regulated services” for those who reside in Singapore.
- Online payment for the non-banked: Users of the MatchMove Wallet do not need to set up a bank account, or submit their payslips nor conduct any credit checks to apply for the 16-digit virtual credit card, which MatchMove has partnered with MasterCard and American Express in the offering.
- Security: Users top-up their MatchMove Wallets, and in turn apply for and manage their virtual cards for online shopping. There is no balance stored in the virtual card as it uses the available balance straight from the user’s MatchMove Wallet.
How to use it
Illustration video on MatchMove Wallet
Illustration video on money remittance with MatchMove Wallet