Mahindra Comviva has announced that their mobiquity solution is ready to enable payments bank and small finance bank licenses to launch their financial services in India. Mahindra Comviva also provide comprehensive technological support system to deliver a host of consumer-centric, mobile financial services, ranging from remittance and payments to savings and insurance, catering to diverse consumer segments in the Indian market.

Srinivas Nidugondi, Senior VP & Head of Mobile Financial Solutions, Mahindra Comviva, said:

“Payments and small finance banks will complement the core banking sector by enabling an ecosystem that improves last-mile connectivity. It will be based on a self-service model, ushering a digital payments revolution, which will help in accelerating India’s journey towards a cashless society. Also, for ensuring a greater user experience, payments banks will need to focus on contextual and locational awareness in order to guide customers through their entire buying journey.”

Adding further,

“Mobility will be the key lever in the fast evolving Indian banking landscape. Acknowledging this change, Mahindra Comviva has enhanced its leading mobile financial solution mobiquity® to meet the needs of the payments and small finance banks in India.”

RBI recently awarded bank licenses to 11 on-banking entities and the new licensees include established mobile operators, technology firms and financial service companies.

Mobility is designed to integrate rapidly & seamlessly with a wide ecosystem of utility companies, merchants, money transfer operators and third-party payment systems, creating a converged ecosystem, powered by interoperability. Mobiquity allows rapid customer acquisitions and accommodates high volume-low value transactions, which are typical of the Indian market.

Commenting on the development, Vamsi Madhav, Vice President, Mobile Financial Solutions at Mahindra Comviva, said:

“Our award winning and widely deployed mobiquity® solution shares RBI’s vision of improving financial inclusion by providing small savings accounts and payment and remittance services to the underserved segments such as the migrant labour workforce, low income households, small businesses, and other entities in the unorganized sector. We aim to bring benefits to both consumers and financial service providers by enabling real-time, low-cost financial transactions, in a secured, technology-driven environment.”

“Mobiquity will empower payments and small finance banks to be agile to the markets without compromising on security. Apart from delivering convenience to their customers, the solution will help the licensees in new customer acquisitions, launch innovative mobile financial services rapidly, create long-term loyalty and seize new revenue opportunities to expand their market reach.”

Mahindra Comviva’s mobiquity® is a leading mobile financial product which is transforming the way consumers save, borrow, transfer and spend money. It processes 200 million transactions every month amounting to $4 billion.

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