YuuZoo launches e-wallet service YuuWallet

SOCIAL networking, e-commerce and entertainment company YuuZoo Corporation has introduced an electronic wallet service.

The mainboard-listed company announced the launch of YuuWallet, a proprietary electronic wallet, on Tuesday in a filing to Singapore Exchange before market opened.

The e-wallet, designed for use in developing as well as developed market with low credit card penetration, can be used without credit cards.

In addition to use for payments, YuuWallet can also be used for sending, receiving and withdrawing money payments and money transactions, from large amounts to micro payments, it said.

YuuZoo said it will market the YuuWallet service through its franchisees and partners in 69 countries. This opens up a market of over four billion people.

Boston Consulting Group estimates that by 2020, the digital payments market will amount to 18-24 per cent of the global US$21 trillion retail payments market, YuuZoo said in the release.

YuuZoo's counter last traded at S$0.152 on Monday at market close, unchanged from the previous trading day.