Mahindra Comviva Strives Banking to Self-Service Model Helms for Cashless Society

Mahindra Comviva claims that its world-class accredited mobiquity solution now gets gateway for financial services in India. mobiquity is known to assist the new licensees in rapidly establishing a highly scalable and flexible distribution network and partner ecosystem.

It will also provide a 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.

“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,” said, Srinivas Nidugondi, Senior VP & Head of Mobile Financial Solutions, Mahindra Comviva.

Just quick after RBI helmed India into the next generation of banking with payments bank licenses being awarded to 11 non-banking entities. Mobile access will make branchless banking and remote payments possible, especially for the semi-urban and rural customer, boosting financial inclusion and bringing 47 per cent of the unbanked and under-banked adult population into the formal banking channel.

 “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,” further added Srinivas Nidugondi.

Eminent Features

• mobiquity is designed to integrate rapidly and seamlessly with a wide ecosystem of utility companies, merchants, money transfer operators and third-party payment systems, creating a converged ecosystem, powered by interoperability.
• A highly scalable solution, mobiquity allows rapid customer acquisitions and accommodates high volume-low value transactions, which are typical of the Indian market.
• The solution’s flexible architecture enables a distribution network of multiple hierarchies based on business requirements and market demand.
• In addition to on-premise deployment, the solution can also be hosted on a central server, lowering capital expenditure. The solution has integrated analytics and reporting tools which helps it to align rapidly to changing market needs.

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 added the release.