20 Aug 2018

Colombia’s first 100 per cent digital financial service launched

Comviva has announced that it has deployed its popular mobiquity Money platform to power Colombia’s latest digital financial service MOVii. MOVii, launched on 11 July 2018, is an innovative mobile money service that allows both banked and unbanked Colombians to do financial transactions from their mobile phone with ease, convenience and security.

Consumers can download MOVii app on their smartphone from Google Play Store and register for the service. MOVii app is currently available for mobile phones with Android operating system. It will soon be available to users with iOS operating system. Registered customers can load MOVii wallet with money at MoviiRed points, Baloto points and almacenes de cadena. With money in their MOVii wallet, users can instantly buy digital content, pay utility bills, recharge mobile voice and data services and transfer money to other MOVii users anytime, anywhere. MOVii will soon introduce a prepaid Mastercard Companion Card. Customers will be able to make payments at POS machines in shop, purchase online and withdraw money at ATMs using the Mastercard Companion Card. With Movii customers can manage their money easily, safely and without paying a handling fee.

Hernando Rubio, Co-founder and CEO of MOViiRed said “In Colombia, people need to have a bank account or credit card to make digital payments online, leaving majority of Colombians out of the digital payments revolution. We are trying to change this picture with MOVii which provided access to digital financial services to all Colombians without any bias. With MOVii any Colombian, banked or unbanked, can make all kind of payments securely, easily and without any cost from their mobile phone. Our goal is to bring digital financial service to the masses and Comviva mobiquity Money is the right technology platform partner to achieve that aim.”

Manoranjan Mohapatra, Chief Executive Officer, Comviva added, “In the past decade, mobqiuity Money, has helped many countries to bring millions of their unbanked citizens under formal financial system and increase financial inclusion. We are bringing our global experience of leveraging mobile money to create financial inclusion to Colombia, where 54% of adults are unbanked. MOVii powered by mobqiuity Money, is designed as an inclusive financial service that provides convenient and instant digital payments to the tech-savvy youth as well as basic financial services to the financially excluded. We are happy and proud to partner Movii for extending digital financial services to all Colombians and creating a cash-light economy.”

mobiquity Money's mobile money platform provides digital financial services to 100 million consumers globally. It delivers a host of mobile money services that transforms the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants and third-party payment systems, creating a convergence powered by interoperability. Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market. mobiquity Money empowers financial service providers to be agile in their markets, with complete focus on the customers. mobiquity Money has clocked over 60 deployments in more than 45 countries. It powers three of the top 10 deployments globally and processes more than 4 billion transactions every year amounting to over $80 billion annually.

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