Movii: the Colombian digital wallet and mobile payment app
Movii is a digital wallet app and Colombian fintech specialized in banking and online mobile payments services— providing third-party products through their platform.
The app aims to be the first digital platform in Colombia in which all unbanked customers can feel included in the financial system.
Movii is an easy banking alternative, 100% digital, transparent, and within everyone's reach. Through Movii services, it is possible for millions of folks to have access to debit and credit cards, bill payments, credits with patners, and many other financial services.
What is Movii?
Movii is the first regulated Fintech company in Colombia. It provides a digital financial platform that works under the model of Sociedad Especializada en Pagos Electrónicos (SEDPE) - Company Specialized in Electronic Payments – offering its users virtual deposits and money transactions.
Movii provides its clients a mobile financial solution, a large network of agents, and retailers easy access to products.
Through the use of a mobile application, Colombians can gain access to numerous banking services in a practical and efficient manner.
Services such as P2P, access to electronic accounts, a prepaid debit card, shop payments, bill payments, correspondent banking, public transportation, and recharge of prepaid services are some of the transactions that can be made with Movii.
With the Movii debit card, launched in March 2019, as a cardholder or new customer, you will be able to make all kinds of banking transactions without the hassle of going to a brick and mortar bank.
This prepaid Mastercard can easily be recharged numerous ways — through bank transfer, a debit card, ATMs of the Aval Group, at Baloto Points, and with a transfer through PSE.
The balance of the card can be safely spent using contactless, chip+pin, magnetic stripe, or through online applications.
However, as with any type of card provider, Movii limits the numbers of ATM cash withdrawals, one-time payments, and total card balance.
With the mobile app, developed for Android and iOS, you will be able to manage your banking needs at your discretion.
There is no need to go to a bank to have your finances at hand. Movii app will allow you to have strict control over your transactions and feel secure and confident about them.
Also, through its partners, the app allows third parties to grant nano credits based on consumer profiles.
Movii expects that in the next 10 years all Colombians will take part in the digital financial modernization process with products that allow them to pay and be paid without any extra fees, and manage and move their money efficiently and as easy as if they were handling cash.
How Movii works
How to recharge Movii
Using the mobile Movii app is very simple. You will only have to download the application through Google Play or the Apple Store, create an account with your Colombian ID card, and finally recharge it at Moviired points, Baloto points, and chain stores. Once you have done these steps, you are ready to take advantage of the different features that Movii has to offer:
Forget about cash
Customers will no longer have to use cash to cover their financial needs.
Allows online shopping
Go on a shopping spree and take advantage of the ecommerce revolution. You’ll also be able to shop in stores that accept Mastercard with the Movii prepaid debit card – and even make sports bets.
Through its allies/partners Movii will grant low-amount credits to people without a credit history, unlike traditional banks.
Buy digital content
Purchase digital content or subscribe to services such as Spotify, Xbox, PlayStation, Netflix, and many more.
Pay public or private services, such as the aqueduct, electricity, and natural gas from anywhere and without delays.
Pay cellular services
Recharge cellular lines from different operators.
Pay and be paid
You will be able to send and receive money from anyone. Send and receive national and international money orders to and from anyone.
Receive notifications after each transaction.
Search for past operations.
Allow users to have more control over their transactions and ensure proper usage.
Place holds in case the card gets lost or stolen
Mark certain transactions as business expenses.
Deposit or withdrawal from your Exchange accounts – link your Movii account to your Crypto broker of choice.
The History of Movii
Movii was launched as a digital wallet on July 11, 2018, by its founder Hernando Rubio. It was founded to mitigate the inherent issues in the region's financial inclusion problem — either for bank and unbanked customers in Colombia.
Movii was born to play an essential role in the nation’s social development and economic growth, a primary concern of the Colombian government.
Movii's founder wanted to implement existing digital financial services through a mobile app to change the traditional business model of banks.
Therefore, he thought of establishing a financial institution that would provide online functional services with low operational charges and with substantial growth opportunities.
In this way, Movii would allow more users to send or receive payments digitally and enable customers to handle their money in a way they cannot with cash – without substantial fees involved.
Later on, in March 2019, the Movii prepaid debit card was launched under the collaboration of Moviired, MasterCard, and the International Finance Corporation (IFC), thus introducing the financial services market to unbanked people with a Colombian product.
The Movii card counts with the support of several technology companies worldwide.
In a sense, Movii is a 100% digital mobile wallet that makes once invisible customers now visible in the financial market. It provides a banking platform for people to pay or be paid, a MasterCard rechargeable debit card usable in shops and online, and a platform to make money transfers at no cost.
Being that today, people avoid handling cash, Movii provides a banking option with the advantages of cash management.
According to the Ministry of Information, Technologies, and Communications (MinTIC) of Colombia, 2.4 million citizens prefer to use mobile banking services and buy digitally online.