Fintech News | Fintech Zoom

CUV Ventures Signs MOU With Grupo Eficacia for RevoluPAY

CUV Ventures Corp. (TSX-V: CUV) (the “Company”) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with Grupo Eficacia, headquartered in Guatemala and, a major supplier of consumer goods at 650 retail outlets in Guatemala, San Salvador and, Nicaragua. The scope of the MOU is to permit RevoluPAY app users and, remittance beneficiaries, in the three cited countries, to utilize the RevoluPAY app as a direct payment medium for retail items in supermarkets, pharmacies and, other retail stores, within the 650 retail outlets served by Grupo Eficacia in Guatemala, San Salvador, and Nicaragua. Management will be visiting Guatemala next month to, establish the technical requirements, visit some of the retail outlets and, sign the definitive agreement (“DA”) with Grupo Eficacia.

About Grupo Eficacia

Grupo Eficacia was incorporated in June of 2005.  It currently has offices in three Central American countries and, its goal is to have a presence throughout the whole region by 2020.  The company focuses on the sale of consumer products and, corporate services, for multinational companies, by distributing products via distribution channels, including supermarket chains, pharmacies and, retail stores, throughout the region (over +650 points of sale). The MOU was signed by Mr. Victor Leiva, CFO and, Founder, of Grupo Eficacia. Mr. Leiva currently oversees 3 headquarters within the region (Guatemala, El Salvador, and Nicaragua).  He chairs the board of directors for four companies, which focus on the distribution of substantial consumer products, marketing and, corporate services. He oversees more than 500 employees that serve across 650 points of sale, has extensive business relationships with companies that have large chains of stores in Central and South America and, is a member of the association of corporate managers in Guatemala.

Focus of the Grupo Eficacia MOU

The company has explained to shareholders that the iOS and Android powered RevoluPAY app has three clear objectives. The first is as a centralized payment hub for all of the company’s various verticals. The second is as a means by which users can send and, receive, remittances worldwide, exemplified by the current 73 country bank remittance points. The third is to empower remittance beneficiaries with the ability to pay, using the app directly, in countries that receive high volumes of remittances. Today’s MOU focuses upon point three and, expects to allow a wide usage of the app for direct payments in supermarkets, pharmacies and, retail outlets in major cities and towns in Guatemala, San Salvador, and Nicaragua. The three cited nations receive, collectively, approximately 15 billion USD in remittances annually. The acceptance of RevoluPAY in these retail outlets will allow the business owners to receive direct payment while assuming a lower processing cost than the major competing electronic payment mediums available today. Furthermore, the app user or, remittance beneficiary, will see a 1:1 currency value when using the app directly to pay for consumer retail items, largely because the processing costs are covered by the retail stores. The company wishes to send a message to app users in these nations and, worldwide that, it is more economically favorable to use RevoluPAY to pay for consumer goods, groceries and, retail items, directly with the app, than extracting remittance monies in cash and, then proceeding to use the said cash for retail purchases. The planned and expanding network of retail stores that decide to accept RevoluPAY for payment, will ensure a venerable network of locations, where RevoluPAY app users or, remittance beneficiaries, can seamlessly shop at selected affiliated outlets, maximizing their remittance monies, while benefiting from zero fees for the app user. As explained in the 20th December 2018 news release, the company is working towards similar accords in Mexico, Uruguay and, Colombia at this time.

RevoluPAY e-Wallet linked Prepaid Visa

The company received, ahead of schedule, the first batch of RevoluPAY® physical international visa cards on January 28th, 2019. The Pre-Paid Visa allows RevoluPAY® app users an added layer of financial autonomy, in those locations where NFC enabled POS devices and ATMs, for which RevoluPAY is already enabled, are not yet operational. Worldwide Card Holders will be able to transfer funds to/from their RevoluPAY visa directly from within the app.

RevoluVIP International Inc. – The Canadian wholly owned subsidiary of the RevoluVIP Club and, membership platform, is pleased to announce that its partner, and wholly owned CUV subsidiary, Travelucion S.L, has received final technical certification from Constellation Software Inc. subsidiary, Juniper, for the sale of worldwide hotels through the GDS based XML system.  The company expects RevoluVIP International Inc. to begin imminently generating revenue, through RevoluVIP membership dues. The company’s IT team are now concluding: Flight, Cruise, Excursion and, Car Rental integration, which is expected to be concluded in the coming weeks.

RevoluFIN Inc. – The Panamanian wholly owned subsidiary was approved for operations on 23rd November 2018. RevoluFIN has now selected a series of loans for which it is satisfied with the terms. The company holds a bank account with Tower Bank, Panama City, Republic of Panama, which, pending receipt of several final documents from Canada, duly legalized by the Panamanian consulate in Toronto, the account will be fully active and, full commercial activities will commence.

About CUV Ventures Corp.:

CUV Ventures Corp. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile phone top-ups, Invoice factoring, Blockchain Systems, and Fintech app sectors.

Aneta Larkins

Add comment

Advertising