Mahindra Comviva’s new and upgraded mobiquity® Wallet 2.0 enables trusted digital payments ecosystem

Tuesday, July 19, 2016 by Mahindra Comviva

Mahindra Comviva, the global leader in providing mobility solutions, today announced the release of the new and upgraded mobiquity® Wallet 2.0. The second generation of mobiquity® Wallet will offer digital wallet providers the flexibility to adapt quickly to evolving customer needs, meet business and regulatory expectations and focus on monetization strategies.

Pioneers in the mobile financial services space, Mahindra Comviva recognized the need to drive innovations in the nascent mobile wallet space early on. Its mobiquity® Wallet powered South Asia's first HCE based mobile proximity payment solution for a leading bank. mobiquity® Wallet 2.0 continues on this path of innovation and is the next step towards a truly trusted digital ecosystem that digital wallet providers can use to deliver enhanced customer experience.

mobiquity® Wallet 2.0 features easy-to-use, interactive GUI that allows digital wallet providers to quickly make configuration changes, create and modify fee and strengthen security. It delivers a holistic experience that meets the needs of consumers and regulator while reacting to a continuously evolving business strategy - all this through a few clicks.

Speaking on the occasion, Srinivas Nidugondi, SVP & Head of Mobile Financial Solutions, Mahindra Comviva said, "The key to a vibrant, viable mobile based payments system is a robust platform that underpins its business needs and operations and is agile enough to respond to changing market dynamics on the go. This platform will help digital wallet providers - banks, retailers or network operators - to simplify operations at the backend by providing flexible frameworks and simple interface driven business definition."

Adding further he says, "The mobile payments landscape is complex. There are so many different pieces to the puzzle - flexibility, security, responsiveness - that have to be brought together to cater to the diverse needs of different stakeholders in the system."

mobiquity® Wallet 2.0 helps to demystify complex rules and procedures, including service charges and taxation with the help of rule based policies that are easy to understand and apply. The platform is user friendly and flexible enough to satisfy a wide range of use case scenarios.

From security point of view, mobiquity® Wallet 2.0 provides a robust fraud management framework that includes a multi-parameter and multi-process driven fraud detection and prevention.

A single interactive and easy to use administration portal caters to a wide range of tasks that include setting account thresholds, privileges and policies. By providing a simplification layer for business and operational complexities, mobiquity® Wallet 2.0 ensures that digital service providers spend more time on monetization rather than juggling between routine administration and operational tasks.

mobiquity® Wallet is a white-label mobile wallet solution that represents an evolution in mobile commerce by integrating payments, loyalty, and mobile marketing. It is one of the first wallet platforms to use NFC - HCE, QR code, biometrics and BLE, creating compelling consumer experiences. By integrating location, identity, and social features, mobiquity® Wallet delivers a whole new level of digital transaction flexibility. mobiquity® Wallet offers an end-to-end HCE solution including tokenization. HCE simplifies the NFC payment ecosystem and reduces operational costs involved in launching NFC payments. mobiquity® Wallet also provides a patent-pending hybrid HCE offering, which facilitates a higher level of security for mobile payment transactions.