Fintech Referral Program Examples: MatchMove, Mobile Wallet

MatchMove is an eWallet service which allows people to make online payments using prepaid-based cards.

The service allows its users to have better control over their spending limits, and offers security by ensuring that the source of funds (credit card, bank account, etc) aren't revealed to 3rd-party merchants.

MatchMove has a non-standard integration since it’s a service, not an online store. They use ReferralCandy to manages the tracking and bookkeeping aspects of their referral program, then use the referral data to payout rewards within their system.

Their marketing challenges include worrying about the ‘entire’ funnel (not just acquisition but also retention), and coming up with new campaigns regularly for their customers.

Anything payments-related or finance-related necessarily has trust concerns.

People are much more wary when signing up to a payments gateway than when say, buying a t-shirt online.

Using a referral program allows MatchMove to allay any doubts that new users might have, by routing them through friends that they already trust.

MatchMove wisely chooses to incentivize referrals with cash credited into the MatchMove wallet.

This is similar to what other services have used successfully in the past. Dropbox's referral program gave out free storage, while AirBnb's and Uber's referral programs gave out free credits respectively.

This works well because it incentivizes the new users to "take advantage" of their stored value– which kickstarts the usage pattern.

Holiday season boost:

MatchMove's referral program helped them maximize the effect of their overall marketing campaigns - they had a huge marketing push last Christmas where they gave away extra credit for new signups (much like how Uber does during certain seasons).

Their referral program helped them get another 200 or so new users during this period.

We had a chance to chat with the MatchMove team to ask them what they like about ReferralCandy.

In a nutshell:

• ReferralCandy's fraud detection and analytics helps to tracks referrals safely, so the MatchMove team can can credit rewards with confidence.
• It also helps them know which users to give shout-outs to, allowing them to personalize their marketing.
• Finally– they only have to log into the ReferralCandy app once a week to see if everything looks okay, freeing up time to focus on strategy and the big picture.

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Curious about what it looks like from the inside? Try out a ReferralCandy demo right now!