Mobility solutions provider Comviva Technologies expanded its presence in Colombia through a deal to power a new digital financial service, its second such move in the country in recent weeks.
The company supplied its mobiquity Money platform as the underpinnings of MOVii, a digital payment platform launched in July which enables banked and unbanked consumers to complete financial transactions on their smartphones.
In a statement, Comviva Technologies’ CEO Manoranjan Mohapatra said the MOVii deployment is the latest in a string of rollouts of mobiquity Money over the past decade. The platform “has helped many countries to bring millions of their unbanked citizens under formal financial system” and increased financial inclusion, he explained.
The service currently provides financial services to 100 million consumers globally, with 60 deployments in more than 45 countries.
Mohapatra noted 54 per cent of Colombia’s adult population is unbanked. The MOVii service, he said, “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.”
The MOVii app is currently only available to Android users, although it will be on iOS soon. Registered users can load money into their MOVii wallets at select points in the country, then use the funds to purchase digital content; pay utility bills; recharge mobile voice and data services; and transfer money to other MOVii users.
An accompanying physical card will also be introduced in the near future.
Earlier this month, Comviva also struck a six month trial agreement with Telefonica Colombia and state run bank Banco Agrario to provide mobile wallet services to rural populations in the country.Subscribe to our daily newsletter Back