Mahindra Comviva’s Mobiquity® mPayments Wins Best Mobile Banking Technology in Asia & Africa

Mahindra Comviva, the global leader in providing mobile financial and VAS solutions, has announced that its mobiquity® mobile financial services platform has been awarded the best Mobile Banking Technology award by World Finance Technology Awards 2013, declared recently in London.

Mahindra Comviva was recognized for its work in delivering relevant technology solutions for accelerating financial services growth in Asia and Africa.

Established in 2007, The World Finance awards recognizes the evolving trends across the financial world and identifies industry leaders, individuals, teams and organizations that represent the benchmark of achievement and best practice in the business world.

Commenting on the occasion, Srinivas Nidugondi, head of Mobile Financial Solutions, Mahindra Comviva said, “The convergence of banking and mobile has a strong transformative potential in Asian and African economies, as mobile networks are very often the only communications infrastructure and mobile devices the most widely available platform for consumers to initiate transactions with banks. The award is a validation of our unrivalled experience, in-depth understanding of the market and technical expertise to deliver solutions which support rapid and seamless scaling of the payment services network to bring innovative, mobile financial services to consumers”.

Mahindra Comviva’s mobiquity® mobile financial services platform enables banks and mobile network operators to cater to diverse financial needs of banked and unbanked customer segments.

Deployed by over 60 financial and non-financial institutions in 38 markets across the globe, mobiquity® accelerates the shift from a “cash to a cashless” economy. In 2012, the system processed transactions approximating $5 billion in value.

Comviva’s mobiquity® mobile financial services platform links a mobile wallet account to any payment instrument (cash, bank account, debit and credit cards), which customers can access using multiple access mechanisms, including Apps, STK, USSD, Web and NFC. Across deployments, mobiquity® platform aids service providers address rapidly evolving transactional needs of a broad set of consumers by supporting cost-efficient delivery of a range of convenient, reliable and secure financial products. 

Customers can receive monies directly into their mobile wallets in the form of domestic and international inbound remittances salaries and government grants and use available funds to pay insurance premiums taxes utility bills, and merchants.

Easy access, simplicity and convenience offered by the mobile as a transactional channel have helped bring 30 million households into the formal financial services fold in cash-intensive economies of Asia and Africa.