Telecom Lead India: VAS player Comviva is
set to offer its mobiquity mobile financial platform as a hosted
Comviva said this new approach will provide reduced operational
costs, faster time to market and a fully managed mobile financial platform to
the Banks/Financial Institutions and Network Operators in Americas, Europe,
Africa and Asia.
This will extend benefits to the partners in the
ecosystem – Retailers or Merchants/Billers and end consumers, towards rapid
uptake of mobile payment services in these countries.
Comviva’s hosted offering will provide better access to
banking services for underbanked segments, enable small and medium banks to
remain competitive and maximize reach, and boost proliferation of mobile
financial services among service providers including mobile network operators,
retailers and other network providers, for greater consumer outreach.
“We are delighted to announce the availability of our mobiquity mobile
financial solution as a hosted model. In today’s competitive world, it is
imperative for banks, financial institutions and network operators to keep up
to speed with changes in the mobile payment systems that they rely on for their
continued operations. We believe that our offering will have a far reaching and
positive impact on the economic and development indices of the markets we plan
to launch our hosted services,” said Srinivas Nidugondi, head of Mobile
Financial Solutions, Comviva.
Today, approximately 35 percent of mobile phone users
have no access to formal financial services. In a world with 7 billion people,
there are over 6 billion mobile phone connections, but only 1.8 billion bank
accounts. Comviva’s mobiquity mobile financial platform on a hosted model
will enable banks and mobile operators to address this major market gap by
delivering affordable financial services to unbanked and underserved
segments,” Srinivas added.
Comviva has partnered with service providers to offer mobile
financial services platform to banks, financial institutions and network
operators, to meet their customer requirements and for faster adoption of
electronic payments in these countries.
The increase in customer strength actively using mobile
banking and payment services requires an innovative model to simplify the
operational life for banks and telcos and also allow a faster turnaround.
It is estimated that mobile payments will see more
than $171.5 billion transactions this year – a rise of over 60 percent on 2011″²s
$105.9 billion with 212.2 million people using some form of mobile payment
Comviva’s mobiquity mobile financial solution is
deployed by over 55 service providers and banks across the globe, enabling over
490 million end customers across Asia, Africa, Latin America and the Middle
East to access mobile financial services.