First Contactless Prepaid Mastercard in South Asiaby Company Announcement June 27, 2018
MatchMove announced that it has enabled the first contactless prepaid Mastercard in South Asia.
The card is issued by Federal Bank, a sector bank in India, distributed under the brand name tmw by The Mobile Wallet Pvt.Ltd, India’s first complete payment solution, and powered by MatchMove’s proprietaryBanking Wallet OSTM.
This prepaid card allows users in India to make contactless payments at stores or onlinewithout having to key in a PIN for any transaction below INR2,000. The card is ready tocapitalize on the country’s enormous untapped opportunities in mobile payments driven by theproliferation of mobile usage and higher affluence.
According to a report by investmentbanking firm Credit Suisse, digital payments in India currently aggregate just under USD 200billion, of which mobile payments account for USD 10 billion in 2018. India’s total digitalpayment market is estimated to grow to USD 1 trillion by 2023 led by the growth in mobilepayments.
TMW will distribute the cards to their retail and corporate customers who can use this open-loop prepaid solution to pay securely at shops, restaurants and any merchants across India where major credit cards are accepted.
TMW will also distribute the cards to large corporates for managing payouts and disbursementswith just one click. Corporates can pay digitally to freelancers, commission earners, suppliersetc regardless of where they are located. This solution helps corporates to streamline theirpayment processes, increase work efficiency and reduce operating costs.
Vinay Kalantri, Founder & Managing Director, tmw (The Mobile Wallet Pvt. Ltd.) said,
“Ourcollaboration with MatchMove makes it possible to let our users experience new age, safe andsimple mode of payment. With this latest launch, tmw has marked a significant step towardsgreater security and speed, and has thus laid the ground work for future innovative products inthe prepaid card segment.
This launch also further augments our product offering by providingsmarter solutions such as digital payout disbursements and open-loop solutions to newsegments of our business.”
Kumar Srinivasan, CEO of MatchMove India said,
“Enabling the first ever contactless prepaidcard on Mastercard network in South Asia places us at yet another forefront of the innovationscale.
We are heartened to have forged these esteemed partnerships with a commonobjective of providing secure and convenient payment solutions to users in India.
Thepartnership allows us to capitalize on the enormous untapped opportunities in South Asia andbecome the region’s leader in moving money digitally.”
Users in India can download the tmw app from App Store and Google Play, and follow theinstructions to activate and start using the card instantly. Upon completion of the verificationduring sign-up, users will be able to withdraw cash from any ATM across India and makepeer-to-peer transfers to any bank account holder by generating a PIN.
Featured image via Pixabay