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To be an industry leader is never an easy task. However, irrespective of today’s competitive intensity, customer volatility, and economic uncertainty, Singapore-based MatchMove Pay has emerged as a rising star in the mobile payments industry through its flagship B2B e-wallet/Banking-as-a-Service offering. This industry recognition came after an in-depth analysis, interviews, and extensive research by analysts from leading international consultancy and research firm, Frost & Sullivan.
Shailesh Naik, the founder and CEO of MatchMove, says, “Being recognized by a leading firm like Frost & Sullivan as the winner in the mobile payments industry is a testament of our clear and focused strategy and the incredible efforts of our talented people. It is also an impetus to drive us faster to become the leader in moving money digitally and bringing more of world into the global digital economy.”
Innovation at its Core
MatchMove Pay has developed a secure, scalable platform and associated B2B business model that does not require the millions of mobile ready but underbanked and uncarded consumers to go to a bank to get essential banking services.
The company first designed a virtual bank account and prepaid card that could be topped up at nearby convenience stores, allowing gamers to complete in-game purchases and proceed further in their gaming journey. It became clear then that a dedicated approach to enable businesses and organizations to embed such services into their own digital products and strategies would open a major market opportunity.
MatchMove has since evolved into a mobile banking powerhouse that provides payment solutions with the capabilities of Spend, Send, LendTM within any app to help companies around the world embrace digital transformation in their businesses. The company recently reported double digit annual growth in transaction volumes and revenues for the second year in a row, proving that there is a market for its sophisticated platform that enables A Bank in Any App™.
“People who need a diverse range of goods and commodities at the most competitive prices (often found online) are usually from demographics where they do not have the accessibility to online payment options,” emphasizes Naik. Thus, to make online payments easier for the public, the company has trademarked its “Spend, Send, LendTM” model encapsulating a multitude of payment functionalities ranging from prepaid card payments, remittances to P2P lending services that are easily delivered over their B2B platform. Today more than 60 small and large organizations in the private and public sectors today use the B2b platform to transact hundreds of millions of dollars digitally, giving their end-users their first ever virtual, digital, banking capability in a safe, secure and cost-effective manner.
There are two large and distinct but related constituencies that are driving demand for the MatchMove platform: large, connected populations in need of mobile banking services but don’t want to or cannot go to a traditional bank and leading organizations wanting to digitalize their entire customer experience but don’t want to develop their own technologies.
People who need a diverse range of goods and commodities at the most competitive prices (often found online) are usually from demographics where they do not have the accessibility to online payment options
Financial Inclusion at the Grassroots
In the first constituency, one example of how the company is taking essential banking to the mass population is the provision of digital remittance services via a mobile app at a lower costs. MatchMove has been collaborating with dormitories housing foreign workers and is also working with related government agencies that look after the migrant population to expand its outreach to this demographic. Establishing crucial touchpoints with this community will reinforce MatchMove’s sustained growth in the long run. MatchMove is also one of the companies that will gain direct access to Singapore’s Fast and Secure Transfers (FAST) network, thereby removing the additional layer of bank intermediaries, saving both time and extra costs required to perform existing fund transfers via banks.
Price and Performance Value
MatchMove’s unique model sets itself apart as a one-stop solution that delivers a smooth user experience, lowers cost, and ensures quicker launch, as clients do not have to deal with multiple providers, banks, regulators and face complexities and delays in their implementation. These services and their advantages provide MatchMove with the best price-to-performance value among its competitors.
“Clients can look at our MatchMove Wallet Operating System as an ‘a la carte menu,’ where they can pick and choose the required options,” adds Naik. The PCI-certified wallet comprises a broad array of payment features such as overseas money transfer, online shopping, loyalty programs, and instant virtual card issuance.
Today, more than 60 organizations use the MatchMove platform to embed essential banking-“as-a-service inside their digital products. Our customers include other B2C wallets, banks, e-commerce, micro-lending, logistics, health and insurance, public communities, airlines, railways and many more. It’s easier and faster to use our platform and be up and running in a few weeks rather than trying to build at their own cost of capital, risk, and time”
The universal aspect of prepaid card usage can be illustrated by the use case of a logistics client, Bonfleet. Bonfleet uses MatchMove’s solutions to disburse funds electronically onto their own branded prepaid cards allowing drivers to buy fuel and food while traveling for three to four days at a stretch. The company’s ability to track drivers’ usage digitally and monitor the expenditure of employees significantly enhances operational efficiency than its previous cash disbursement process.
Akin to the logistics client, MatchMove effectively offers the privilege of basic financial services to a broader demographic that does not have access to online banking services. Going forward, It particularly aspires to explore newer regions such as South Africa, Europe and, Latin America.
In 2018, the company posted a doubling of revenue and transaction volumes, with more than 30 new customers signing up multi-year contracts to use the platform. It is projecting higher growth in 2019.
Results like these show there is certainly a growing market for MatchMove’s product, as companies start to realize that safe and affordable online infrastructure exists to streamline their payment behaviors. “There can be no doubt that digital transformations are seeping into every industry, with businesses eager to understand their users’ transaction patterns to better serve them over time, and to anticipate their needs in advance. This is where we are well positioned as an OS for Digital Cash,” says Naik.