Mahindra Comviva rolls out integrated digital wallet platform mobiquity
Mobility solutions provider Mahindra Comviva has launched an integrated digital wallet platform called mobiquity, which enables remote and proximity payments by leveraging the technologies such as NFC (near-field communication), Bluetooth Low Energy & QR code.
According to the company, mobiquity is mainly focusing on bringing together the customer's pre-payment and post-payment experience, including loyalty, couponing and location-based services.
The company said that there are about 1.3 billion active credit and debit cards in the world today, and approximately 5.3 billion active mobile phone subscriptions. Mobile devices have become a significant channel of engagement with customers. By merging the worlds of payments and mobile, digital wallets have the potential to create new revenue opportunities and allow businesses to re-engage and connect directly with their consumers, drive growth, and deepen their brand by staying relevant to the change in markets and behaviours.
Mahindra Comviva, formerly known as Comviva and a part of Bharti Group, was acquired by Tech Mahindra last year. Tech Mahindra acquired 51 per cent stake in the mobile VAS firm for Rs 260 crore ($48 million) and the firm was rechristened as Mahindra Comviva. The VAS firm's suite of services includes solutions spanning mobile money and payments, mobile data, integrated messaging, mobile lifestyle and customer life cycle management solutions.
In June last year, the firm launched payPLUS, which enables mobile point-of-sale transactions with the help of an app and a mini card reader and supports feature phones as well as smartphones. In the digital wallet segment, Mahindra Comviva mainly competes with Paytm (One97 Communications), MobiKwik and PayUMoney.
(Edited by Joby Puthuparampil Johnson)