No credit card? No problem. Singapore e-payments firm unveils new global "wallet"

American Express, MasterCard and Visa credit cards are displayed in this photo illustration.
American Express, MasterCard and Visa credit cards are displayed in this photo illustration. PHOTO: BLOOMBERG

SINGAPORE - A fast-growing e-commerce and digital payments company listed on the Singapore Exchange (SGX) has launched a new electronic payment "wallet".

YuuZoo Corporation said on Tuesday the "YuuWallet'' is designed for global use, in both developed markets and countries where many people do not have credit cards.

In its statement to the SGX, the company said: "YuuZoo's YuuWallet enables fast, easy and secure payments without credit cards."

It added: "In addition to use for payments, YuuWallet also can be used for sending, receiving and withdrawing money payments and money transactions, from large amounts to micro, for example digital content payments."

YuuZoo, which is listed on the SGX's mainboard, has rapidly emerged as a leading social e-commerce and payments firm. The huge gaming market is a big part of its business.

In the third quarter ended Sept 30, net profit jumped 51 per cent to S$8.4 million.

The company statement added: "With franchisees and partners covering 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."

Mr Yoav Elgrichi, chief executive of YuuZoo's fully owned payment subsidiary YuuPay said in the satement: "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."

He added: "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 users a convenient way to pay.''