American Express and Singapore-based MatchMove announced on Thursday the launch of a prepaid virtual product that will allow customers to use funds in their MatchMove Wallet to make purchases on the AmEx network.
MatchMove American Express Virtual Pay provides a number of security features, such as a one-time password, and allows customers to use funds from their digital wallet to make online purchases, addressing the needs of younger customers who do not hold credit cards.
“Since this is a prepaid product, users have control of the amount that they load onto the MatchMove Wallet,” MatchMove Global CEO Shailesh Naik said. “This helps our customers manage and control their expenses easily. Additionally, topping up the MatchMove Wallet is simple. Customers can add value to their MatchMove Wallet through selected local ATMs or online using their credit or debit cards. Purchase of Virtual Pay can also be conducted through direct telco operator billing.”
Elroy Lim, the vice president of new business partnership at American Express’ Partner Card Services Asia, said the launch of the prepaid product “is another key milestone for American Express.”
“We believe this partnership with MatchMove and the launch of this new product will further drive business opportunities for both MatchMove and American Express and provide more value to consumers as well as American Express’ online merchants,” Lim said.