Two China's Banks Select Magpie's Smart Wallet Services

  • Payments , Banking , Infrastructure
  • 28.01.2016 08:30 am

Magpie, the business that aims to help people successfully navigate the increasingly complex digital world, today announced that it has secured deals with two of China’s biggest banks to roll out its Smart Wallet services.

The deals are part of a programme intended to extend Magpie’s services across the two banks and their respective customers. Both will initially have access to Smart Wallet – one of Magpie’s apps - with the option to add on further Magpie products and roll out availability to a larger number of the bank’s customers.

Magpie’s Smart Wallet helps customers keep an eye on their wallet using a tech tracker that prevents the loss of your wallet by sounding an alarm when your phone and wallet are separated. In the event that your wallet is lost or stolen, Smart Wallet also facilitates cancelling cards from any bank straight from your phone. All of these services can be managed via the ‘Personal Information Bank’ - a secure store of personal information that lets a customer share their information between apps, choose what is shared and understand how it is used.

Mainland China is widely considered to be at the forefront of financial innovation in the global banking sector, with around 390 million Chinese people already signed up to use mobile banking in a market of 1.3 billion, according to data from Accenture. This represents 40 per cent of the people worldwide who bank by phone.

Stephen Kennedy, CEO of Magpie, commented: “There is a digital revolution underway in China that is changing the way people manage their finances. Chinese consumers don’t only want but expect to be able to manage their money from their smart device. The big banks have had a challenge developing innovative technology quickly enough to compete with nimbler players in the sector. That’s why Magpie is thrilled to be partnering with two of China’s largest banks to provide a product like Smart Wallet which will transform their customers’ daily banking experience.”

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