Caribbean Grocery & Retail Chain with Record High Revenues now Offers Mobile Banking & Payments within DoGetGo Super App
June 23, 2022
Caribbean Grocery & Retail Chain with Record High Revenues now Offers Mobile Banking & Payments within DoGetGo Super App: OMHI
OM Holdings International, Inc. (OTCMKTS:OMHI)
OneMart new stores expansion continues despite delays. Due to logistical and equipment manufacturing issues, However, we successfully solved this by accessing auctions of existing equipment”MIAMI, FLORIDA, UNITED STATES, June 23, 2022 /EINPresswire.com/ -- Caribbean Grocery & Retail Chain with Record High Revenues now Offers Mobile Banking & Payments within DoGetGo Super App: OM Holdings International, Inc. (Stock Symbol: OMHI)
— Mark Vanterpool, President, and Chairman of OMHI
Operator of Successful, OneMart Grocery in the British Virgin Islands.
New Store Locations Being Opened with Enhanced Reimagined Concept.
Record Revenue Increase of 36 Percent over 2021.
Record Profits Up 61 Percent over Last Year.
Sales for March and April Exceeded $3 Million Each Month.
20 Year Exclusive Agreement for Rydeum’s DoGetGo App in 28 Countries.
OMHI announces a licensing agreement with IYAP, LLC the owner of the Liquid Cash platform. This license agreement will leverage the existing FDIC banking partners of LiquidCash to allow the API integration of mobile banking into the DoGetGo super app. This integration will allow OM Holdings International to offer banking, money transfer, and cryptocurrency services through partnerships with licensed service providers. OM Holdings International intends to utilize licensed service provides to launch DoPay within the DoGetGo super app in the upcoming months.
DoPay will use next generation electronic Know Your Customer (eKYC) powered by face verification and Artificial Intelligence (AI) for identity confirmation and fraud prevention to offer mobile banking to Caribbean customers. Under eKYC, face verification plays a vital role in detecting facial features and matching them with the data records. In addition, AI’s in-built analytics of trained models enable banks to detect fake images and provide in-depth insights to prevent fraud.
Mark Vanterpool, President and Chairman of OM Holdings International, Inc., stated, “We are excited to provide this unique service to our customers, all of which makes buying things in person or online a seamless and secure process. We believe DoPay combined with the DoGetGo super app will be a leading financial processing platform that can be used for various products and services throughout the Caribbean.”
• DoPay will run on the Liquid Cash platform allowing users to access:
• Mobile Banking
• Virtual Debit Card
• Merchant Processing
• Real-Time International Money Transfers with Minimum Fees
• Cryptocurrency Purchases
• Vendors that onboard to the DoGetGo Platform will now have access to U.S. banking and merchant services to accept credit card payments
• Users will be able to transfer cash between other DoPay users in real-time like Cash App® or Zelle®.
• DoPay will allow OM Holdings International to benefit from the $2.9 billion remittance market in Jamaica. Remittances contribute to over 15% of Jamaica’s GDP.
“Most residents still find it difficult to send and receive money due to the archaic money transfer establishments. With our new license agreement, users will be able to send money with ease. Currently the Caribbean market does not have access to Cash App or Zelle due to banking and technology limitations. Using next generation eKYC powered by facial verification and Artificial Intelligence, OM Holdings International aims to make DoPay the Cash App and the Zelle of the Caribbean. We are planning to launch DoPay in Jamaica at the end of this year and in other Caribbean islands in the next calendar year,” concluded Mr. Vanterpool.
OM Holdings International, Inc. (Stock Symbol: OMHI) serves consumers and retail customers by providing a multi-tenant on-demand technology platform for the delivery of goods and services throughout the Caribbean from a single mobile app. OMHI vertically integrates contactless delivery of these essentials, while simultaneously providing multi-modal transportation.
OMHI was formed through the fusion of Rydeum, an on-demand technology platform founded by Mark Hannah in 2019, and OneMart, a 35-year-old grocery store founded by Mark Vanterpool in 1986. The OMHI technology subsidiary, Rydeum partnered with Jamaica's largest taxicab union (12,000 drivers) in 2021. This segment provides an Uber-, Grubhub-, and Instacart-like platform which uniquely satisfies the needs of local on-demand economies (LODE) in the Caribbean. The OMHI storefront and essential goods subsidiary, OneMart is the second largest grocery provider in the British Virgin Islands. This segment offers groceries, home goods, electronics, furniture, and some building supplies - just like Walmart. It sells wholesales products to restaurants and hospitality venues and caters to retail customers as well. OMHI is a Nevada Corporation headquartered in Miami, Florida.
Information Technology OMHI is launching the first super app in the Caribbean, which allows consumers to get rides, buy essentials, and obtain services in real-time.
Retail & Wholesale OMHI is combining traditional retail and wholesale with real-time delivery to offer an Amazon-like experience in the Caribbean.
Building Supply OMHI is leveraging economies of scale to supply DIY and commercial building supplies, at a reduced cost, to its retail and wholesale customer base.
Logistical Solutions OMHI is combining its mobile app technologies with existing transportation infrastructures to increase delivery efficiency.
OMHI Opens New Store with Reimagined Format
On June 2nd OMHI expanded its footprint with the grand opening of its first neighborhood OneMart store in Baughers Bay, British Virgin Islands (BVI). The design and location add to the OneMart’s ‘People’s Store’ concept by being conveniently located near residential areas and in line with the OMHI strategy and vision to meet customers’ needs in their communities and will further promote the company’s successful delivery app ‘DoGetGo’.
Mark Vanterpool, President, and Chairman of OMHI stated, “OneMart new stores expansion continues despite delays. Asdue to logistical and equipment manufacturing issues. During the COVID-19 Pandemic, sourcing equipment for supermarkets has been challenging. However, we successfully solved this by accessing auctions of existing equipment.”
“Our business plan includes eight new OneMart store openings throughout BVI over the next two years. We intend to develop a network of stores across the BVI that will serve as like Amazon-like hubs to facilitate faster delivery times of essentials through the DoGetGo Super App. As we open new stores, we believe there will be a benefit from economies of scale allowing us to increase profit margins as a result of our purchasing power,” concluded Mr. Vanterpool.
OMHI also reported on its developing East End Fat Hogs Bay superstore as scheduled to open in the third quarter. The New East End Store construction is completed, equipment and shelves are in place, and equipment installation and testing is in progress.
Record Revenue and Increased Profitability for the Six Months Ended 28 February 2022
On May 19th OMHI announced it anticipates a record six months and a record year.
For the six months ended February 28, 2022, OMHI reported record results, with revenue increasing 36 percent to $18,059,000, versus $13,268,000 for the prior-year period. Net profit increased to a record 61 percent, $1,047,832, compared to net income of $650,827 for the six months ended February 28, 2021.
“The increase in business came from our food service operations, delivery services and yacht provisioning, in spite of supply chain pressures and the pandemic,” said Mark Vanterpool, President and Chairman of OMHI. “Our sales are rising even as shoppers see the price of food, fuel and other goods creep higher. Our company continues to become more efficient and productive, which is reflected in our bottom line.”
For more information on OM Holdings International, Inc. (OMHI) visit: https://omholdingsinc.com.
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