New Delhi, India/Colombia – 30 June 2021: Digital payments company, Movii announced that it has crossed 1.5 million customer milestone on its digital wallet platform in May 2021. MOVii is ranked fifth amongst all financial institutions in Colombia in terms of transaction volume and has reached this milestone faster than any other financial institution in the country.
MOVii is Colombia’s first 100% digital money platform, where everything from customer registration to payments happens using the mobile application. Movii’s vision is to revolutionize financial inclusion by making it easier for everyone to pay and use their money digitally without paperwork.
MOVii is powered by Comviva’s mobiquity® platform, which enables over 70 digital financial services in more than 50 countries. The next generation money platform enables consumers to transfer money, get loans, receive financial aid, pay bills, make merchant payments, recharge mobile connection, and buy digital content, instantly, easily, and securely, anywhere, anytime using a mobile phone.
Movii’s digital wallet platform has been used extensively during COVID pandemic by all sections of the society with its customer base and transactions increasing exponentially. The Movii digital wallet platform has enabled people to pay essential utility bills and invoices, shop online and transfer money to family and friends in need during the lockdown from the safety of their home. More than 240,000 economically vulnerable people have received solidarity income from the Government of Colombia via MOVii, helping them sustain during the pandemic.
Hernando Rubio, Co-founder and CEO of MOVii said, “MOVii and Comviva share the vision of leveraging digital technology to provide financial services to everyone without any discrimination. We are passionate about democratizing financial services and financially including even the economically vulnerable section. This vision and passion has resulted in MOVii achieving more than 1.5 million mobile wallet users. We will further accelerate this growth by delivering new digital financial services that are relevant and contextual for people of Colombia.”
Manoranjan (Mao) Mohapatra, Chief Executive Officer at Comviva said, “We congratulate our partner MOVii for crossing the 1.5 million customer milestone. MOVii has democratized the financial access in Colombia as well as created path for growth of a digital economy. The rapid growth in use of MOVii during the pandemic, from solidarity income disbursement to remote payments from home during lockdown, stresses on the importance of digital financial services in today’s time as well as in future. We will continue to support MOVii in launching new innovative customer-centric use cases and delivering enhanced user experience.”
Movii has been continuously investing in innovation and launching new products focused on the user needs. It is working on the launch of five new products: PSE payments, interbank transfers, international remittance, insurance and buy and sell crypto assets that shall drive its future growth. Forbes has adjudged MOVii amongst 30 most promising Colombian businesses.
Comviva mobiquity® Pay is one of the world’s largest digital financial services platforms. It serves the financial needs of over 130 million consumers and processes over 7 billion transactions valuing $ 130 billion annually.
MOVii is the most amazing challenger bank in Colombia, focused on changing the banking category, by improving the financial inclusion of those who have never been on the system and giving them the opportunity to manage their money as they wish to through an app and card. MOVii is moving forward with a disruptive, hassle-free value proposal that connects with people, with their financial needs and responds to their lack of access to banking. With this model, MOVii is projected to grow up to 3.2MM users during 2021 and to become the leading digital bank in Colombia.
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