wordpress blog stats
Connect with us

Hi, what are you looking for?

Muthoot Fincorp has launched a wallet with MatchMove

Muthoot Fincorp, a financial services company under the Muthoot Pappachan Group, has partnered with Singapore-based MatchMove to launch a wallet called Blue InnerCircle. This wallet's license will be provided by YES Bank and will offer customers a virtual card, physical card, an online dashboard and a mobile app. MatchMove adds that its wallet can be used for P2P fund transfer, money remittance and expense disbursement, as well as direct links to offers and loyalty facilities. Something that all wallets can do at the moment and could be developed in house by Muthoot. The only advantage here seems the virtual card and the physical cards. Wallets such as Paytm and FreeCharge issue virtual cards too with tieups with ICICI Bank and YES Bank respectively. Virtual cards bypasses the limitations of wallet integration with merchants and allows wallet users to perform transactions at all online merchants. The physical cards issued can be used to pay offline and will be linked to the funds stored in the wallet. Note that MatchMove also partnered with another non-banking finance institution CentrumDirect to launch a similar wallet earlier this month. Note that that Muthoot Vehicle and Asset Finance (a subsidiary of a different Muthoot Group) already has a wallet licence from the Reserve Bank of India and uses it for its money transfer service called Muthoot Money and has an m-wallet called Muthoot Wallet. Number of virtual cards: YES Bank issued 1.7 million virtual prepaid cards and claims it is the largest issuer of such cards in the world on the MasterCard platform, as of May 2016. YES…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Experts debate the efficacy of ex-ante regulation in India's fast-evolving digital market. Is preemptive control the answer?

News

Lacking plans about the use and regulation of artificial intelligence, use of drones, health stack, cybersecurity and Smart Cities, the manifesto does not have...

News

WhatsApp’s new policy lowers the age limit to 13, facing fierce criticism from child protection groups in Europe.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ