Business Wire IndiaFinahub Technology Solutions has selected MatchMove’s Embedded Banking platform to enable Banks & NBFCs in India to offer wallets & prepaid cards to customers for gold-backed lending, under the brand “Akshayous”.
Akshayous is a gold-backed BNPL product launched by Finahub that enables customers to deposit their gold jewellery with a partner NBFC and get a prepaid card, with an assigned credit limit based on the value of the gold deposited.
A recent study from KPMG shows that 97% of Indians use gold as a source of credit. This presents a vast addressable market opportunity for Finahub and Akshayous is initially targeting existing customers of Gold Loan NBFCs who are the most immediate segment in need of credit. The product especially empowers salaried women to unlock the value of their gold jewellery while ensuring the safety of their jewellery in an insured NBFC locker.
Using a MatchMove-enabled Rupay General Purpose Reloadable (GPR) Card – both physical and virtual – the customers of Finahub’s partner NBFCs will enjoy seamless purchases online and offline. The MatchMove Just-In-Time (M-JIT) funding solution empowers the end-users to unlock the value of their gold jewellery in real-time. The unique advantage of these MatchMove enabled prepaid cards is that customers of NBFCs will be able to use the cards to make BNPL purchases (Buy Now Pay Later) and also withdraw cash against their credits using the MatchMove RupayCards.
With MatchMove’s full-featured Banking Operating System (“MMBOS”) solution, Finahub can now offer higher personalisation and efficiencies to their clients including prepaid cards linked to gold-backed credit line services. Matchmove issues co-brand cards for companies like Finahub in partnership with IndusInd Bank.
“Our initial focus will be to grow the portfolio and customer reach. In later stages, we will target low and medium salaried individuals, daily wage workers who have gold jewellery but do not have access to credit purchase channels. MatchMove with its cutting-edge technology solution supports and advances us in our mission. We value this partnership and believe that this collaboration will further accelerate our growth,” said Finahub’s Co-founder and CEO, Rajesh Sukumaran.
“MatchMove is committed to improving digital financial inclusion across the region, for individuals and businesses, and we are excited to partner with Finahub in taking this vision forward. The solution is uniquely tailored for Finahub’s clients to decide on the real-time funding requests originating on the MatchMove platform with the convenience of receiving and responding to these requests on their platform. We are confident that this solution will provide convenience and better access to finance for the underserved.” said MatchMove’s South Asia General Manager, Pranav Barthwal.
For more information on MatchMove’s services, please visit the company's website at www.matchmove.com.
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