First-of-its-kind pay-later Card for 50,000 Millennials in Indiaby Company Announcement March 22, 2018
MatchMove, a Singapore based virtual card provider, together with SlicePay, India’s pioneering credit provider for young adults and college students, announced the launch of a first-of-its-kind pay-later card powered by MatchMove.
With MatchMove’s unique platform, SlicePay is able to empower more than 50,000 millennials with the ability to use their pay-later cards, make frictionless online payments to merchants with a major card network, monitor and track their expenditure, as well as receive customized lending solutions.
SlicePay had been disbursing loans to students using prepaid vouchers and cash which had been a challenge. Handling these came with business costs and risks of pilferage. For the students, it was not easy to track and manage their expenses.
With 700 universities and more than 35,000 affiliated colleges in India, the country presents a large segment of 30 million savvy and underserved students who contribute to approximately 25 percent of India’s e-commerce activities.
Using MatchMove’s platform, SlicePay can now quickly fill the gap for this segment that falls outside of the formal credit system by empowering them to pay for mobile recharge, get data packs, emergency cash, head out on a trip, gift their loved ones, buy new laptops and much more, without having to worry about cash upfront.
Rajan Bajaj, Co-founder and CEO of SlicePay, said,
“Selecting MatchMove as our partner was a clear choice. Unlike many other companies which we evaluated, we were impressed with MatchMove’s best in class technology which helps solve a big challenge in our business and allows us to scale up rapidly.
With this, we are confident in building a smarter and simpler worry-free payments solution for the Indian millennial population. We will be on track to meet our targets of expanding our presence in other major cities in India and achieving a user base of 500,000 customers by end-2018.”
Kumar Srinivasan, CEO of MatchMove India, said,
“Partnering with SlicePay further affirms our pole position in digital payments and next-generation banking.
Our scalable platform has successfully helped many global companies to digitize cash. Clients from various industries have entrusted us to deliver unmatched solutions capable of addressing tomorrow’s needs in digital payments.”
Featured image via Pixabay