06 Dec YuuZoo Launches YuuWallet, A Proprietary Global e-Wallet Enabling Transactions In A Fast-Growing Multi-Trillion Dollar Market
YuuZoo Launches YuuWallet, A Proprietary Global e-Wallet
Enabling Transactions In A Fast-Growing Multi-Trillion Dollar Market
- YuuZoo’s proprietary YuuWallet is designed for global use, in developing countries as well as in developed countries with low credit card penetration
- YuuZoo will market the YuuWallet through its network of franchisees and partners in 69 countries with a combined population of over 4 billion people
- Boston Consulting Group (BCG) estimates that digital payments by 2020 will amount to 18-24% of global 21 trillion retail payments market
Singapore, December 5th 2016: Singapore Exchange listed YuuZoo Corporation Limited (“YuuZoo” SGX:AFC) one of the fastest growing third generation social e-commerce networks, today announced that the Company has launched YuuWallet, a proprietary electronic wallet designed for use in developing markets as well as developed markets with low credit card penetration.
YuuZoo’s YuuWallet enables fast, easy and secure payments without credit cards. In addition to use for payments, YuuWallet also can be used for sending, receiving and withdrawing money worldwide. It covers the full range of payments and money transactions, from large amounts to micro-payments for e.g. digital content payments.
Boston Consulting Group (BCG) estimates in its recent “Global Payments 2020” report that global retail payment transactions by the year 2020 will increase to USD 21 trillion. BCG estimates that 18-24% of this will be digital payments.
YuuWallet will be fully embedded into YuuZoo’s social e-commerce platform.
Yoav Elgrichi, CEO of YuuZoo’s fully owned payment subsidiary YuuPay says: “While e-commerce is booming globally, many countries still lack convenient payment solution that can be used by the entire population and not only those holding credit cards.
YuuWallet has been designed by using cutting edge technology, and offers a “mobile first” experience even in areas with challenging data connection.
YuuWallet is fully integrated into the YuuZoo platform, and allows YuuZoo user a convenient way to pay. It supports large transactions as well as micropayments for small digital/content items. It makes YuuZoo one of the few e-commerce platforms in the world that has its own embedded full payment system” he concludes.
Headquartered in Singapore and listed on the SGX mainboard (SGX: AFC), YuuZoo has built a partly patented mobile and online technology platform on which several in-house developed products in a unique, and for each market fully localized manner, offer targeted social networking, e-commerce and games to hundreds of millions of consumers across all continents. Its revenues grew in the 1st half of 2016 with 242% year-on-year to 81.5 million SGD (USD 58.6 million).
With franchisees and partners covering 69 countries with more than 4 billion consumers, YuuZoo reaches a huge global audience through smartphones, computers and TV sets, and through its recent investment into one of the world’s largest independent movie studios Relativity Media soon also through the movie screen.
For more information, please contact:
Manoj Chamanlal, Director, Communications & Business Development
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