Moldova-based mobile network operator Moldcell has entered the financial services market by launching a digital wallet supported by digital financial solutions provider Comviva . Entitled ‘moldcell money’, the digital financial service aims to help accelerate digital payments in Moldova and expedite the transition to a cash-lite economy, while bringing forth a new level of convenience and security to its customers.

Details on the Moldcell, Comviva collaboration and offering As per the information provided in the press release, the service is available through the moldcell money app and enables subscribers of any mobile network in the region to transfer money and pay for services from their mobile wallet in an easy and direct manner. The launch of the service is believed to mark a ‘significant’ step towards financial inclusion and the creation of a cash-lite economy. The financial service is supported by Comviva, which has deployed its flagship mobiquity Pay platform which provides a series of capabilities.

Users can carry out payments with their mobile numbers, with no requirement for bank cards or cash, and can also transfer money to any mobile phone number and pay for services straight from the mobile app. What is more, the service enables money transfers by leveraging an SMS code or through any Moldcell Center store, looking to ensure personal data safety, together with instant payment. Commenting on the collaboration, Olga Pavlic, Mobile Financial Services and Business Innovation Director at Moldcell advised that the moldcell money solution comes as the first fintech service within the telecommunications market in Moldova and aims to provide subscribers of all communication networks with an extensive range of financial services.

As per their statement, the solution consists of three main components: The moldcell money mobile application, which provides varied services of the likes of payments, bills, loans, government payments, gaming payments, money transfers to loved ones, and bonuses; Financial services available in direct Moldcell stores throughout the region, which is believed to make transfers and payments convenient, simple, and accessible; And the possibility of making payments with Moldcell number for Moldcell subscribers, thus providing additional comfort and simplicity. Adding on this, Srinivas Nidugondi, Chief Transformation Officer, Digital Financial Solutions at Comviva advised that the company is looking forward to partnering with Moldcell in their digitisation initiative which is set to provide a modern, digital-first, and secure method for managing payments. Based on the information detailed in the announcement, Comviva’s cloud-native, digital payment platform mobiquity Pay aims to address all digital money, wallet, and payment requirements, being a feature-rich, scalable, and flexible platform that serves consumers, service providers and their partners alike.

The solution helps facilitate digital payments for all customer segments and enables them to leverage multiple payment instruments of the likes of bank accounts, credit cards, prepaid accounts, and stored value accounts (SVA). .