US-based Logiq Incorporated recently launched its PayLogiq digital wallet in Indonesia, using the Mobiquity Pay platform of Comviva Technologies, which is controlled by India’s Mahindra Group. Logiq also leverages Comviva’s Yabx service to lend to merchants and finance their customers’ purchases. Among Logiq’s distribution partners is Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK), Indonesia’s social security agency. Logiq offers BPJSTK’s 48 million members digital wallets, money transfers, bill payments, microloans and access to insurance.
Headquartered in New York, Logiq is a “global provider of eCommerce, mCommerce, and fintech [financial technology] business enablement solutions.” The firm had total assets of USD 29.94 million as of December 2020. In addition to PayLogiq, the company offers services that help businesses create their own mobile apps, manage food delivery, plan online marketing around consumer insights and perform online marketing.
Comviva’s Mobiquity Pay service allows users to “make merchant payments, pay bills, and send or receive money along with having access to micro-financial services such as savings, loans and insurance.” As of 2021, Comviva’s customers serve 2 billion users in 95 countries. As of March 2020, it reported total assets of INR 10.1 billion (USD 135 million).
By Aakansha Shenoy, Research Associate
Sources and Additional Resources
Logiq press release
https://logiq.com/2021/03/23/logiq-partners-with-comviva-to-offer-digital-wallet-and-payment-services-to-millions-of-mobile-users-across-indonesia/
Logic homepage
https://logiq.com/
Comviva homepage
https://www.comviva.com/
Comviva Technologies Annual Report 2019-2020
https://www.comviva.com/wp-content/uploads/2020/07/Annual-Report_2020.pd
Mahindra Group homepage
https://www.mahindra.com/
Tech Mahindra homepage
https://www.techmahindra.com/en-in/?f=785478901
Badan Perlayanan Jaminan Sosial Ketenagakerjaan homepage
https://www.bpjsketenagakerjaan.go.id
Did you know that MicroCapital publishes the MicroCapital Monitor each month? Find out more at https://www.microcapital.org/products-page.
Similar Posts:
- MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
- MICROCAPITAL BRIEF: Papara of Turkiye Acquires Rebellion Pay Mobile Money Service from Beka Finance of Spain in Cash, Equity Deal
- MICROCAPITAL BRIEF: Grab Adds MoMo as Mobile Payment Option for Ride-sharing, Deliveries, Digital Financial Services in Vietnam
- MICROCAPITAL BRIEF: Mintoak of India Rolls Out App for HDFC Bank, Allowing Customers to Accept Electronic Payments
- MICROCAPITAL BRIEF: Lipa Later Acquires Fellow E-commerce, DFS, Merchant Services Platform Sky.Garden of Kenya for $1.6m
