Comviva Accelerates the Growth of Digital Financial Services in Middle East
Comviva, the global leader in digital financial solutions, announced that its flagship mobiquity platform, that powers over 70 digital financial services in more than 50 countries, is rapidly expanding its presence in the Middle East and transforming the digital payments and banking landscape in the region. In Middle East, mobiquity platform is enabling 15 banks and telecom operators in 9 countries to offer convenient and secure digital wallet, digital banking and contactless payment services to millions of consumers.
Comviva’s mobiquity platform is amongst the world’s largest white-labelled digital financial services platform meeting the financial needs of over 130 million consumers and processing 7 billion transactions valuing US$ 130 billion annually. In Middle East, 10 banks in countries including Oman, Qatar, Kuwait and Jordan have leveraged Comviva’s global experience in digital financial solutions to bring the latest digital wallet and payments capabilities to the region.
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mobiquity platform which includes products including mobiquity Pay and mobiquity Banking Suite offers a host of digital services such as holistic, feature-rich and hyper-personalized digital wallets. It offers digital payments ranging from remittances to merchant payments; contactless mobile ‘tap & go’ payments using HCE technology and Tokenization; and multi-channel personalized digital banking experience which includes mobile banking, internet banking and banking on Gen-II channels.
Digital wallet is one the most widely deployed and used functionality of the mobiquity platform. It simplifies digital payments, enhances the consumers experience and caters to different needs of various consumer segments. For consumers who need a prepaid digital wallet mobiquity offers a stored value account (SVA) facilitating multiple financial transactions such as money transfers, bill and merchant payments, salary payments etc. For consumers who want to use their existing cards and bank accounts, mobiquity provides the option to save a payment instrument like a credit card, debit card or bank account with the digital wallet to make payments.
Vivek Agrawal, Vice President and Head of Enterprise Business at Comviva said, “The digital financial services space in Middle East is evolving very rapidly. Today, consumers are demanding comprehensive financial products that offer new services, house innovative features and facilitate faster payments and a frictionless experience. Our mobiquity platform caters to these requirements offering consumers a world-class digital experience in payments and banking.”
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mobiquity is a cloud native platform with an open source tech stack. It enables an open supply chain with respect to hardware. The cloud based deployment enables reduction of costs to launch a digital wallet and payment service and thereafter scale rapidly with Auto-scaling functionality. Open supply chain enables a reduction in hardware cost. It supports deployment on both on private and public clouds including but not limited to Amazon AWS, Oracle cloud or Azure. mobiquity platform also supports 100 per cent automated deployment. This is enabled using a continuous integration and continuous delivery (CI/CD) pipeline based approach.
mobiquity also accelerates time to launch new digital wallet and payment services, providing competitive advantage to digital financial service providers such as banks and telecom operators. It enables the Business or IT Teams of the service provider with rapid launch of new digital wallet and payment services or customizing the existing service flows in approximately one fifth the time taken using the extensibility framework with an easy to use Web interface. The service creation manager helps in creation of new services by cloning existing services and modifying the business flow. mobiquity expedites rapid service expansion for developers and third-party service providers, by providing open APIs to enable integration with the digital financial services ecosystem. Supporting over 1,000 integrations across deployments, mobiquity provides technology teams with a middleware layer to enable faster third-party integrations, reducing go-to market time considerably.
mobiquity is a one-stop solution for all requirements pertaining to digital wallet and payments. It is a holistic platform serving consumers, service providers and their partners alike. From a millennial paying seamlessly in-store using merchant code, scanning a QR Code or Tap and Pay to a worker sending money instantly and securely to his family in few clicks, mobiquity empowers consumers to perform all types of digital payments for their needs through channels including mobile application, QR Codes, NFC et al.
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