Comviva reveals digital wallet and payment platform

Comviva, the global enabler in mobility solutions, has launched mobiquity® Pay X, its next generation digital wallet and payment platform.

mobiquity® Pay is amongst the world’s largest digital financial services platforms, powering over 70 digital wallets and payment services for 130+ million consumers and processing over 7 billion transactions exceeding USD 130 billion annually in more than 50 countries.

With its new next generation mobiquity® Pay X platform, Comviva has enhanced all aspects of digital financial solution, including scalability, faster deployment and time to market, simpler user lifecycle management & experience and enhanced security.

This new platform is completely built on microservices based architecture with fully independent and reusable components. The enhanced modularity facilitates faster time to market and greater scalability. mobiquity® Pay X has enabled Open APIs to easily integrate with third party systems and extended financial ecosystem. To enhance user experience, the platform now offers a revamped slicker mobile app for consumers, agents, merchants and other business users and provides an advanced User Management System (UMS) that allows back-office users to easily manage the complete lifecycle of consumers, agents, merchants, and other business users seamlessly. Its intuitive user-interface, predefined templates and real-time feedback help quickly perform operations.

The new platform significantly strengthens security with robust authentication and authorization modules. It provides complete flexibility to easily configure various PIN, password and access rules as per the requirements. Its advanced session management capabilities help identify all active sessions and logins from a user through multiple devices and takes corrective action to prevent frauds.

Speaking on the launch, Srinivas Nidugondi, EVP and Chief Growth and Transformation Officer at Comviva, said, “COVID has significantly accelerated the growth of digital financial services and the entire financial ecosystem is growing at its fastest pace ever. Customer demand and public health priorities are pushing contactless payment adoption and our next generation mobiquity® Pay X platform shall help financial service providers scale their digital wallet and payment services faster and seamlessly. With this new platform, Comviva has completely automated the software delivery process. The time to market has improved significantly with continuous product development, integration, testing, release and deployment.”

mobiquity® Pay X offers Order and Payment System that provides consumers a unified view of transactions performed by various payment instruments. It provides end-to-end tracking of entire payment transaction across all stages. It also enables back-office users to view status of payment transactions and identify failed and ambiguous transactions to take corrective actions like refund to complete the order-payment cycle.

The new mobile app is built using best-in-class design practices and has rich features including self-registration, biometric login, profile personalization, payment through multiple instruments (prepaid wallet, card, bank account), favourite transactions, multi-currency support, currency conversion, real time transaction tracking, referral bonus, merchant/agent locator, dynamic QR Code and many more.

With an enhanced monitoring and alerting system, mobiquity® Pay X quickly aggregates system logs and key performance indicator data and provides a real-time bird’s eye view of critical operational parameters through visual dashboards. mobiquity® Pay X has capability of proactive disaster management by identifying threshold breaches for critical application and system parameters in advance and providing real-time notifications for corrective actions.

Comviva has pre-integrated best-in-class technology in the areas of digital KYC and Personal Financial Management (PFM) to offer unparalleled value to consumers. These pre-integrated solutions in addition to offering enhanced experience to consumers, also significantly cut down cost and time to market while launching a digital wallet service. The platform also offers a document management system that provides flexibility to back-office users to quickly retrieve KYC documents a centralized repository for regulatory and business purpose.