Terra, a mobile-first international payment network, incubated by Mahindra Comviva, has inked a collaboration deal with LexisNexis Risk Solutions. The globalization of financial markets and the growing move to digitize remittances have made it easy to move funds to any corner of the world. With an increase in the volume of activity, there is a…
Mahindra Comviva announced the launch of its mobiquity® Wallet, a cutting-edge digital wallet platform. This is amongst the first of its kind fully integrated digital wallet platform that supports NFC, QR codes and Bluetooth Low Energy (BLE). It will offer security, ease of use and rich features to the customers of banks, telecom operators and retailers across the globe. The platform will bring in agility to develop an ecosystem and increase revenues from existing customers and simultaneously boost customer acquisitions.
MasterCard Worldwide, Comviva Technologies and Tutuka forged a strategic collaboration that combines Comviva’s mobiquity mobile payment platform, Tutuka’s prepaid processing platform and MasterCard’s global electronic payments network to further extend financial inclusion to millions of consumers across Africa. This will enable customers to purchase goods and services at millions of physical and online retailers worldwide where MasterCard is accepted, as well as transfer funds and pay bills. The new solution offered by this collaboration will be available to both Comviva’s existing and new mobile money implementations across Africa, with the potential to benefit over 750 million consumers across the continent. Mobile Money addresses the needs of consumers in developing markets through a readily accessible device, the mobile phone while the partnership is a result of a global initiative called the MasterCard Mobile Money Partnership Program launched by the company in February 2012.
MasterCard kicked off its “MasterCard Mobile Money Partnership Program” global initiative to help more than 2.5 billion financially-underserved consumers worldwide gain access to formal financial services through their mobile phones. In partnership with Comviva, Sybase 365 and Utiba, this will let consumers purchase goods and services via their mobile phones at millions of brick and mortar and online merchants worldwide, as well as transfer funds and pay bills. This is designed to target the 70% of the global population with a cell phone, only half of which have a bank account. The “MasterCard Mobile Money Partnership Program” offers prepaid companion cards that account holders can use at merchants that accept MasterCard cards; virtual card accounts that can be used for eCommerce payments with a user’s mobile money account; and person-to-person payments between subscribers of two different mobile money services.
The Western Union Company has certified two participants in its Mobile
Vendor Program: India-based mChek and South Africa-based Fundamo.
WU has also selected mobile value added solution provider Comviva as a new
participant in the program. The Mobile Vendor Program is intended to
extend the reach and accessibility of Western Union Money Transfer
services to mobile finance initiatives in Latin America, Africa, the
Middle East and Asia. mChek and Fundamo are the first to be certified
in Western Union’s program. Fundamo’s Enterprise Mobile Financial
Services platform is designed for configuration to
evolve with the needs of mobile subscribers wih 40 deployments in over
30 countries, most of which located in Africa and the Middle East.
mChek offers a hosted service for Mobile Money
Transfer and secure payments using credit cards, debit cards, bank
accounts and stored-value wallets. Other participants include
Singapore-based Utiba, U.S.-based Sybase 365, YellowPepper, a mobile
vendor in Latin America, and now, India-based Comviva. Mobile operators
who sign agreements with certified Western Union Mobile Vendors and
Western Union will be able to offer their subscribers the option to send
and/or receive money through Western Union’s money transfer system.
Western Union entered the mobile
financial services space in the second quarter of 2008, with an
endorsement for a global pilot program by the GSM Association, a global
trade association representing more than 750 mobile operators