YESpay has launched its first e-wallet in the
UK market.
Pouch, the product of a joint venture by
YESpay and YES-wallet.com, allows users to make payments via the
internet, their smartphone and through the use of NFC
technology.
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The e-wallet allows the user to make payments
via their Pouch account without having to give their card details
to the retailer.
Chandra Patni, founder and director of
YES-wallet, said at the conference:
“Pouch effectively makes lives safer in a
dangerous e-commerce world. It provides access, security and trust
for consumers and merchants alike.”
The service is currently available to Android
and Blackberry users with the iOS version to be launched soon,
Patni said.
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By GlobalDataSimon Curtis, senior vice president of
strategic business development at YESpay, told Electronic
Payments International that the key to the success of the
wallet lay with the retailers.
Curtis said: “The consumers’ trust is
with the merchant and not the pouch.”
Thus, for the e-wallet to take off, retailers
– obviously – not only need to adapt it, but also understand the
technology to bring it closer to the consumer.
“We expect to see mass adoption of NFC and
e-wallets in 2013,” Curtis added.
However, he doubted that e-wallets would rule
the market as soon as by 2013.
The two companies have also launched
YESfstore, a white label product which allows merchants to sell
their products directly through their Facebook account.
According to Patni, the YESfstore will turn
Facebook ‘likes’ into transactions.
