The Silicon Review
“Our Spend, Send, Lend™ capabilities envision a financially inclusive world as we transform physical cash to digital”
Digital and online payments are rapidly becoming the new mode of tap-and-go consumerism, making fiscal transactions seamless, transparent, safe and incredibly convenient. While there are still barriers and limitations, such as security concerns and limited number of compatible vendors, digital wallets and mobile payments are not only changing how we pay for goods and services, they also have the power to go beyond payments because of how they’re constantly evolving - which is going to be important for both businesses and customers.
The biggest companies in the world are investing large amounts of money to build platforms for online payment, and every day we see new solutions emerging. With the digital payment wars just beginning, one company that is taking the world by storm through its disruptive technology is Singapore based MatchMove Pay.
MatchMove enables companies to offer a fully branded secure mobile digital payments solution, increasing revenue and user engagement. MatchMove’s proprietary Wallet OS™ is built with the vision of strengthening financial inclusion through enabling its Spend, Send, Lend™ capabilities across developed and developing markets. MatchMove’s Banking Wallet OS™ enables any company to easily offer their customers a fully branded, secure digital payments solution that includes P2P Transfer, Cross-Border Money Transfers, Top Up Channels, Virtual Payment Cards, Loyalty Points & Rewards, Promotions and Offers amongst many other features.
The Origin of MatchMove Pay
The company was established in 2014, but the pathway for MatchMove Pay was laid much earlier in another Avatar- it was set up as MatchMove Play, a B2B media, online content, and entertainment company focused on the traditional and new media and telcos segment. The company saw massive growth from the outset as it expanded across Asia, India, China, Europe and the US.
One of the challenges that MatchMove Play faced as a company then, was the ability for its customers to pay online since many users did not have a credit card or bank account. This triggered the move towards MatchMove Pay: it was a problem that they were trying to solve for the online entertainment space that formed the genesis for MatchMove Pay.
Although it has won numerous prestigious global awards and recognition, as a B2B enterprise company, MatchMove Pay has not focused on building a consumer brand. The company’s model is B2B2C – MatchMove Pay sells to other corporates, enterprises and they, in turn, are distributing to their consumers. Headquartered in Singapore, MatchMove has offices in Vietnam, Indonesia, Thailand, India, Philippines, and the USA.
The Providers of End To End Payments Solution
The company works in the arena where traditional banks cannot or do not. MatchMove aims to democratize payments. The digital wallet space is more than $600 billion and MatchMove offers an OS that enables inserting instant payment into any app. “Whether you are an airline, a game company, a travel aggregator, a retail company or an e-commerce site, if you want your users to pay by card, they are not going to get a card from their bank, why can’t you give them a card in one click? What if you can give them a card straight into the phone; a virtual card first, followed by a physical card and that is what MatchMove does. It provides a digital payment solution to anyone, even the ones who don’t own a bank account.
Using its Singapore base and market as a test-bed, MatchMove launched myWallet in 2016 and BOSS Mobile Money in 2017 in Singapore to showcase its OS features for global customers. myWallet, a virtual wallet application, enables consumers who do not own credit cards or online banking facilities to make payments with a pre-paid network card. BOSS Mobile Money is a cross-border money transfer application that allows anyone in Singapore to remit money back home through a smartphone in a Safe, Easy, Fast™ manner.
The Mantra of Spend, Send, Lend™
Based on research and big data, MatchMove has understood what people want to do with their money, especially in this new era of apps.
One wants to store money, but in a digital way so that it can be moved quickly, as and when required - not stuck under the pillow. The next three, spend, send and lend, are the three pivotal capabilities MatchMove focuses on. Most people consider that spend, send and lend is what their bank should be doing for them. One should be able to spend their money wherever they want, whenever they want. One should be able to send money to whoever wants to receive it and finally one should be able to lend money.
MatchMove has developed an algorithm based on one’s spending and sending patterns through which instead of people chasing loans, loans could chase people because now MatchMove has the data that tells what one’s creditworthiness is. The company has brought spend, send and lend together, packaged them into APIs, and put it into a business model so that it could go across countries and then present it as an OS. So, any app, anywhere in the world would be able to use this.
Digitizing the Entire PaymentEcosystem
MatchMove doesn’t think itself as a wallet since it is in this space to digitize cash as well as because it provides banking as a service within any app. If you glance through the major players in this field, some of the wallets are doing remittances, some of them are doing just spend and some of them are doing lend. There are very few out there that can provide spend, send and lend together as a ready to use B2B platform like MatchMove, thereby, allowing the company to stand tall in the battle of wallets.
MatchMove OS allows payments to be tracked accurately. These transactions are cost-effective, efficient and secure, eliminating the cost of handling cash because of pilferage and leakage. You can get this fund transferred straight to your card and then you can withdraw this money through ATMs etc. You are not carrying your cash around. There is no bank account required. This also helps the unbanked and the uncarded and brings this community to the financial fold. Furthermore, the payments are independent of a location and eliminate the need to have a bank account in a specific country, thus digitizing the entire payment ecosystem.
Change is the Only Constant - TheRoadmap Ahead
MatchMove Pay’s vision over the next couple of years is to become the world’s largest, safest and most profitable mover of digital money. The company wants to achieve this through both organic and inorganic growth. Organic growth is via expanding into newer markets and regions and inorganic growth would be the acquisitions.
MatchMove understands that change is the only constant and as new technology gets invented, it wants to move forward along with it. The firm is already looking at big data and blockchain to essentially power the platform and hopes to continue whether it is voice, ML, or any cutting-edge technology in the fintech world.
However, most importantly, MatchMove believes that it’s the people that are going to take it forward. The company doesn’t want to lose the start-up mentality, and five years from now MatchMove wants to still retain the start-up mentality, to be able to fail fast and learn faster and keep innovation going throughout.
Applaud the Trailblazer
Shailesh Naik, Founder and CEO: A business builder with a successful track record in high-tech and new media sectors across China, India, Korea, Singapore and Southeast Asia, Shailesh has also made five successful investments in online entertainment and e-commerce companies across Asia and the US. He has also served on the iN2015 committees to develop Singapore’s new national IT master plan. He is a Founding Investor in Aavishkaar, a Singapore-based social venture fund focused on start-ups in India and Southeast Asia. An alumnus of Henley Business School, United Kingdom, Shailesh holds a Bachelor of Engineering degree from Indian Institute of Technology, Kanpur.
“We help enterprise clients digitize payments and give the financially underserved segments the empowerment to move their money anytime and anywhere as they wish.”