Mahindra Comviva takes digital payment services to the cloud

PARTNER NEWS: Mobile financial solutions firm Mahindra Comviva’s Mobiquity Wallet and PayPlus digital payment services are now available in the cloud, enabling banks to “deploy services faster, adapt to markets quicker and serve their customers better”.

Mahindra Comviva“As the issuer end, Mobiquity Wallet enables banks to provide its customers with a mobile wallet enabling them to make quick, seamless and secure cashless payments,” Mahindra Comviva says.

“On the acquirer end, PayPlus equips merchants with affordable and robust mobile POS, enabling them to process and accept card payments quickly and seamlessly, thus completing a comprehensive end-to-end digital payments cycle.”

The move comes as mobile payment transaction volume in India is expected to grow more than 90% each year over the next five years in the wake of the government’s withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) banknotes.

“In the follow-up to demonetization, the market will require a digital payments platform that is comprehensive enough to cater to the entire ecosystem of payments,” says Srinivas Nidugondi, head of mobile financial solutions at Mahindra Comviva.

Full details can be found in the press release:

Mahindra Comviva launches next generation of cloud hosted digital payments solution for the post demonetization era

Mahindra Comviva, the global leader in providing mobility solutions, today announced that its comprehensive digital payment solutions mobiquity Wallet and payPLUS are now available on the cloud. At a time when money is increasingly becoming digitized, Mahindra Comviva’s cloud hosted mobile financial solutions provide banks with a robust platform to further their digital payments strategy and cater to the needs of cashless societies in the post demonetization era.

With Mahindra Comviva’s hosted digital payments solution, there is a strong incentive for banks to take the idea of cashless societies to every town and village. Besides CAPEX and OPEX savings, banks will be able to deploy services faster, adapt to markets quicker, and serve their customers better. Also, with digital payments primed to take off everywhere in the country, Mahindra Comviva provides a robust and scalable platform for banks to onboard both new and existing customers quickly as well as speed up deployment of services.

Mahindra Comviva is of the view that demonetization is a move towards cashless societies and better governance through increased transparency and accountability. However, it also believes that the broader goal of creating a cashless society will only remain a mirage without the wholehearted support and acceptance of merchants as well as paying customers. In this regard, demonetization could very well serve as the catalyst for onboarding merchants as well as customers on to the digital payments platform.

Srinivas Nidugondi, SVP and Head, Mobile Financial Solutions, Mahindra Comviva, speaking on the occasion said “In the follow up to demonetization, the market will require a digital payments platform that is comprehensive enough to cater to the entire ecosystem of payments. We are proud to announce that our cloud hosted digital payments solution is robust enough to cater to merchants as well as the customer for instore payments as well as online payments. Our products are already compliant with the India stack initiative of the government which makes onboarding of users through e-KYC and payments via UPI available to consumers as well as merchants, thus creating a strong base for cashless societies of the future.”

To accelerate the adoption of digital payments amongst merchant as well as consumers, Mahindra Comviva provides a comprehensive portfolio of digital payment products. At the issuer end mobiquity® Wallet enables banks to provide its customers with mobile wallet enabling them to make quick, seamless and secure cashless payments. On the acquirer end, payPLUS equips merchants with affordable and robust mobile POS enabling them to process and accept card payments quickly and seamlessly thus completing a comprehensive end to end digital payments cycle.

Mobiquity Wallet offers a feature-rich digital wallet for consumers and a robust and flexible platform for service providers and their partners. It combines innovations in payments with attention to human factor, behavior-centered experience design, and innovative digital technology. Designed to support a large and complex ecosystem, mobiquity Wallet enables financial institutions, retailers, telecom operators and other consumer service providers to re-engage and connect directly with their consumers, drive growth, and strengthen their brand by staying abreast of an ever-evolving market and consumer behavior.

mobiquity Wallet brings an evolution in mobile commerce by integrating payments, identity, loyalty, mobile marketing, location and social features. It leverages NFC (HCE), BLE, QR Codes, biometrics, geofencing and sound based payments creating compelling consumer experiences. It also supports e-KYC as well as payments leveraging the UPI infrastructure, to simplify the user experience as well as offer a multitude of options to consumers for remittance and merchant payments. With lots of new consumers being brought on-board the wallet idea, there is a need to cater to an ever increasing number of new customer segments with unique requirements of their own. mobiquity® Wallet platform provides a unique service creation platform which allows for easy customization of customer experience and quick turnaround to the market with these customizations.

payPLUS empowers bank’s or acquirer’s merchant partners with a unified payment acceptance platform that enables the acceptance of any payment instrument such as Cards, Digital Wallets, UPI & mVisa across channels such as In-Store, App & Web thereby significantly reducing the barriers to adoption of these new technologies. The merchant no longer has to remember multiple passwords across instruments, worry about new technology hitting the market or spends hours every day just checking sales across different digital instruments and channels.

payPLUS offers a unified interface for merchants and acquiring entities to manage all instruments, channels and technologies through a single interface right from a mobile POS to new age wallets and the recent UPI & mVisa. payPLUS is geared to extract the most out of the recent policy changes with its merchant self-onboarding functionality which significantly lowers the onboarding cost and allows the merchant to start accepting payments by downloading the app.

About Mahindra Comviva

Mahindra Comviva is the global leader of mobility solutions catering to The Business of Tomorrows. The company is a subsidiary of Tech Mahindra and a part of the $17.8 billion Mahindra Group. Its extensive portfolio of solutions spans digital financial services, customer value management, messaging and broadband solution and digital lifestyle services and managed VAS services. It enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Mahindra Comviva’s solutions are deployed by over 130 mobile service providers and financial institutions in over 90 countries and enrich the lives of over a billion people to deliver a better future. In January 2016, the company acquired a controlling stake in Advanced Technology Solutions (ATS), a leading provider of mobility solutions to the telecom industry in Latin America to strengthen its in-region presence. For more information, please visit www.mahindracomviva.com