Mahindra Comviva has been featured as a key innovator of white-label mobile wallet platform by Ovum Research in its recent Decision Matrix on Mobile Wallets. The Ovum Decision Matrix is considered as one of the industry benchmarks in evaluating leading solutions in major enterprise and industry-specific technology categories.
Titled “Selecting a White-label Mobile Wallet Platform 2014”, Ovum assesses white-label mobile wallet platform capabilities from multiple vendors based on a quantitative assessment of its influence on the global wallet market, quality and breadth of the functionality provided by its platform and underlying technology. Mahindra Comviva is ranked among 6 other players, basis strength of offering, richness of functionality, field credentials, as well as service delivery and execution capabilities.
According to the report, the market has entered a new phase of development and is poised for major growth. For banks, a wallet platform capable of integrating future changes and remaining flexible to market developments is the key to long-term positioning in the mobile payments space. Few banks will have the resources or desire to create a mobile wallet platform from scratch, and white-label mobile wallet providers are poised to help meet this demand by integrating into bank payment infrastructure more effectively.
Commenting on the achievement, Srinivas Nidugondi, Senior VP & Head of Mobile Financial Solutions, Mahindra Comviva, said “Mobility is an enabler and critical component for the fast evolving payments industry. Mahindra Comviva’s Digital wallet has coupled the flexibility of design with the ability to support the latest in technology to orchestrate a seamless mobile experience. We are honored by this esteemed recognition and will continue our efforts in providing relevant and personalized offerings to our customers.”
Mahindra Comviva’s mobiquity(r) Wallet was recognized by Ovum research as a secure, easy to use and feature-rich digital wallet. To the consumer, it offers a personalized experience, value-added services and multiple payment methods in their purchase journey. To the wallet provider and their partners, it offers a robust and flexible platform combining innovations in payments with attention to human factor, behaviour-centred experience design and cutting edge digital technology. It aims to deliver a connected experience to the consumer and is designed to support a large and complex ecosystem.
The mobiquity(r) Wallet has a very high level of functionality, with support for all the core transaction methods such as NFC – SE and HCE, BLE, biometrics, and QR codes. It can be used for non-payment use cases such as loyalty and identity management, either in-app or as a wraparound for third-party services. Unlike many of its competitors, the platform is currently HCE-ready and has a strong focus on security, including support for hardware security modules (HSM) and tokenization. It offers multi-region support, double-byte-encoded character sets and multi-tenancy, and it can share deployed infrastructure across multiple financial service providers.
Mahindra Comviva is among the top 3 mobile financial technology providers across the globe processing over 20 billion USD in payment flows, handling millions of transactions every day and serving 750+ million consumers globally.
