Singapore-listed YuuZoo Corp's fast-paced business has reported achieving two milestones in the first week of this month.
It entered the Indian market by selling a regional franchise license to iComp Digital Media, which is part of iComp Solutions Group, the leading distributor and largest partner of Apple India. (For details, click here)
The second piece of news: It has launched YuuWallet, a proprietary electronic wallet for use largely in developing countries with low credit card penetration.
| Stock price | 15.2 c |
| 52-week range | 12.9-24.5c |
| Market cap | S$109 m |
| Price Earnings (ttm) | 1.7 x |
| Year-to-date return | -21% |
| Dividend yield | -- |
| Source: Bloomberg | |
It enables fast, easy and secure payments without credit cards. It can also be used for sending, receiving and withdrawing money payments and money transactions, from large amounts to micro payment, such as for digital content.
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 solutions 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 users a convenient way to pay.
"It makes YuuZoo one of the few e-commerce platforms in the world that has its own embedded full payment system."
YuuZoo will market the YuuWallet through its network of franchisees and partners in 69 countries with a combined population of over 4 billion people.