MatchMove targets Vietnam’s 20 million uncarded smart phone users
MatchMove targets Vietnam’s 20 million uncarded smart phone users
MatchMove, Asia’s leading disruptive mobile/digital payments company, announced that it will be focusing its efforts to digitise payments across sectors like gaming, tourism, digital disbursement, retail, and e-commerce in Vietnam.
People who are relying on cash and other traditional payment methods in these segments will benefit from fast, safe, and reliable app-based mobile payments. MatchMove’s digitised mobile payment solution also aligns with Vietnam’s no-cash policy to reduce cash-based transactions in favour of electronic payments across the country by 2020.
MatchMove has been providing innovative enterprise solutions to help businesses monetise their user base, increase revenue, user engagement, and build brand loyalty through the strategic use of secured, certified, and customisable cloud-based platforms across Southeast Asia and multiple global markets.
Uniquely, MatchMove is one of the very few worldwide mobile payment platforms authorised by American Express and MasterCard to issue cards directly to users in approved jurisdictions or anywhere in the world where they have partner banks.
In Vietnam, MatchMove has been working closely with corporations such as TienPhong Commercial Joint Stock Bank (TPBank) and VTC Intecom. MatchMove has also been enabling leading banks and brands across several industries—including e-commerce, transport and e-wallets—using a financial platform to help millions of users globally to access bank-grade mobile payments and remittance services.
According to a recent study by Appota and Google, there is still a huge group of unbanked and uncarded users. Notably, more than 20 million smart phone users still do not have access to international payment cards to make purchases on app stores. This results in huge demand for virtual prepaid cards to shop on online markets.
In Vietnam, unlike other countries like Singapore, it is not compulsory to implement 3D Secure. Carded users still hesitate to use their international credit or debit cards online, fearing that the CVC number on the card could get compromised. Equipped with solutions from MatchMove, all users will be able to get a Dynamic CVC number when they shop online, thus making it a more secure solution.
According to a report by National Administration of Tourism in Vietnam, the number of international and local tourists increase every year, with the growth rate of local tourists at 58 per cent and foreign tourists at 26 per cent in 2016.
Carrying large amounts of cash brings risk to travellers. MatchMove will offer tourism companies to a prepaid card system which they can sell to tourists. Tourists can use this card to buy souvenirs, pay for flight tickets, book hotels, and cover transportation service charges without worrying about security issues.
Meanwhile, the gaming industry in Vietnam is extremely popular. To tap into the market, VTC Intecom and MatchMove Pay announced their collaboration for a new mobile payment service for up to 30 million users, making VTC the first major online game developer and publisher to partner with MatchMove Pay in Vietnam.
The agreement between the two organisations includes a co-operation on market research and an advanced strategy for further expansion of the heavily sought-after mobile virtual card platform in Vietnam. MatchMove will provide its PCI-DSS-certified technical platform, advanced services, as well as training, consultancy, and knowledge sharing on developments in other international markets serviced by MatchMove.
Priscilla Le, senior vice president of MatchMove Indochina & Singapore, said, “As more customers turn towards technology to conduct bank transactions, Vietnam offers a huge potential for digital banking. With more people having access to the internet, commercial banks have been developing internet banking services for mobile devices to offer better services.”
“According to a report conducted by business intelligence firm Dezan Shira & Associates, close to 44 per cent of commercial bank customers have engaged in digital services in 2016, with funds transfer, bank cards, and internet banking in the lead. Apart from banks, companies in the gaming and tourism industries are other potential segments that can also provide value to their customers by offering digital solutions,” she added.
