The global market for mobile wallet technologies is increasing at a CAGR of 142% and is expected to reach nearly $665 billion by the year 2017 as estimated by BBC Research.
Yalamanchili, a global payment solutions provider recently announced (September, 2013) the launch of its white label mobile wallet application for global banking and financial institutions operating on its payments platform.
Yalamanchili, founded in 1998 by Ramki Yalamanchili is a provider of innovative banking and payment technology solutions. Their payment solutions encompass a number of sectors such as banking, retail, transit, telecom, corporate, healthcare and government. It has branches located in Singapore (Headquarters), India , UK, US and Kenya.
The mobile wallet application enables users to top up card balances, purchase prepaid air time from telecom providers, request pin changes for ATM or block their card with a user friendly interface. It enables the client with the facility to manage multiple card accounts, international money transfers and other mobile value added services, rewards and offers. Also, the functions of the application can either be activated or deactivated depending upon the clients preference. Yalamanchili’s white label mobile wallet solutions are fully customized and provide a variety of features to support all verticals such as banks, merchants, mobile network operators, transport companies etc.
According to Chris Ellis, President of the European arm of the firm - building and integrating a broad range of service support features is the key to producing a valuable white label mobile wallet solution. “Our solution is as flexible as it is powerful, and can be implemented and issued by any of our international clients, regardless of currency of location. The extent of the customization options available in the wallet is a reflection of the unrivaled flexibility that our next generation payments platform currently provides to clients. This application gives banks and financial institutions a rapid and direct route into the mobile market, together with all the opportunity this provides for generating additional revenues, deepening relationships with customers and enhancing their understanding of consumer buying habits. We’re very excited about the added value that this service will deliver” he said.
LTP View: The application’s ability to be completely branded according to the clients requirements can be a significant feature which may attract clients.
In an already crowded market with competition from major players like Google and Isis, and startups like Paydiant and LevelUp it remains to be seen how Yalamanchili can set itself apart.