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Mahindra Comviva, ICICI Merchant Services bag Global Telecoms Business Award

Mahindra Comviva

Mahindra Comviva, global ace in mobile financial solutions along with ICICI Merchant Services, (ICICI MS) an alliance instituted in 2009 between ICICI Bank – India’s largest private sector bank, as well as First Data –forerunner in payment technology plus services solutions, have bagged the Global Telecoms Business Award for Innovation in Consumer Services for mobile POS (MPOS). The awards were announced at the eighth edition of Global Telecom Business Innovation Summit 2014, which took place in London recently.

ICICI MS and Mahindra Comviva have propelled into action MPOS to be able to swell the digital payment acceptance network in India. The service from its part allows merchants to be able to accept payments anywhere by way of converting a smart mobile device (phone/ tablet) into a secure payment terminal. Over and above card payment processing, MPOS outspreads an advanced suite of business-enablement services, together with cash as well as cheque acceptance, followed by EMI payments, reconciliation besides analytics accompanied by a delivery management system.

The MPOS offering from its corresponding end caters to an extensive variety of merchants ranging from micro, followed by small as well as medium businesses to that of large enterprises; across diverse industry verticals (As for instance travel, e-tail, logistics and insurance etc). A key feature of the service is the flexibility to ‘empower the sales force of large enterprises by bringing-in mobility to their line of businesses’ and ‘basic payment acceptance to micro merchants’. Built-in Software Development Kit (SDK) capabilities accelerate the creation of custom applications to be able to meet distinct requirements involving specific verticals. Large merchants entailing existing payment applications furthermore have an option to be able to use payPLUS (MPOS) Application Programming Interface (APIs) to embed card acceptance functionality.

Remarking on the achievement, Srinivas Nidugondi, Senior VP and Head of Mobile Financial Solutions, held, “The award validates our leadership position in the digital payments arena.   In a fast-evolving digital economy, mobility is a critical business enabler. MPOS helps merchants to modernize their business by offering speed of deployment and flexibility to deliver tailored solutions.”  

Nitish Asthana, Executive Director, ICICI Merchant Services alleged that “We are delighted at the recognition.  India is one of the fastest growing digital payments economies in the world. The emergent changes in consumer payment behavior represent a sizeable opportunity for ICICI MS to expand its merchant acceptance network. A critical component of our strategy in India is to build our merchant portfolio by offering new channels of acceptance and customizable solutions designed for local merchant needs – example the ability to accept payments in equated monthly installments or support cash on delivery for e-tailers. Our collaboration with Mahindra Comviva enables us to rapidly expand India’s digital payment acceptance infrastructure by extending innovative business solutions beyond basic transaction processing.”

The MPOS solution provides businesses with an app in addition to a card reader to be able to accept secure card payments and harnesses the power of cloud technology to be able to extend an array of compelling services in order to support evolving business requirements. Furthermore, it is fully EMV compliant according to global standards in the payments industry.

The GTB Innovation Awards are designed to recognise innovative projects comprising telecom operators plus service providers around the world working in association with their vendors and suppliers. It is an important feature of the GTB Innovation Awards that- projects involve a partnership between operators and vendors.

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Jawed Akhtar

A Journalist by interest and a Music Enthusiast by passion. Wedded to Mother Nature, Jawed indulges his aesthetics in travelling and reading books of varied genres. Having covered News stories for top Dailies in his formative years, that is, he is game for tryst with Technology at Techmagnifier.

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