Mahindra Comviva Positioned in Gartner Market Guide for Digital Wallet Solutions

Mahindra Comviva, the global leader in providing mobility solutions, announced that it has been positioned in the prestigious Gartner Market Guide for Digital Wallet Solutions for its mobiquity® platform. The company has been recognised as a key Digital Wallet Solutions provider in the Gartner Market Guide and featured amongst the top 30 wallet service providers in the world. The report is a culmination of an in-depth industry research undertaken by Gartner in key markets to identify the best digital wallet and payment solutions based on their performance and feedback from key IT leaders and industry experts. Gartner Market Guide for Digital Wallet Solutions is a leading source of information for the payments industry.  

Srinivas Nidugondi, Senior VP and Head of Mobile Financial Solutions, Mahindra Comviva commented, “We believe our position as a key player in Gartner Market Guide for Digital Wallet Solutions underscores the technology capabilities that Mahindra Comviva’s mobiquity® platform brings to businesses across verticals by simplifying business and operational complexities and by providing flexible mobile financial solutions with simple interfaces. With our steady focus on R&D and innovation, we are poised to deliver mobile payment solutions that cater to the diverse market needs and provide flexibility, security, and responsiveness to different stakeholders in the system”.

“Governments across the world are accelerating their effort to achieve the vision of a less-cash economy.  The recent demonetization initiative taken by the Indian government will pave the way for digital payments industry boosting the adoption of digital wallets. Mahindra Comviva’s mobiquity® platform helps to promote a less-cash  economy by making simple, seamless and faster digital payments & transactions a reality " he further added.

Gartner assesses vendors on their ability to execute and the completeness of their vision. The market guide states that payment alone is not enough to change user behaviour to make the switch from cash and card payment to mobile payment. Wallet providers must include more value-added services — such as loyalty, rewards and offers to increase the value proposition of their offerings.

mobiquity® platform is the world’s leading mobile financial services platform which has two variants mobqiuity® Money and mobiquity® Wallet.  mobiquity® Money, world’s largest mobile money platform has over 65 deployments in more than 45 countries processing 200 million transactions valuing $4 billion per month. Built around a stored value account, it delivers a host of mobile financial services that transforms the way consumers save, borrow, transfer and spend money. The solution is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants and third-party payment systems, creating a convergence powered by interoperability.

mobiquity® Wallet offers a feature-rich digital wallet for consumers and a robust and flexible platform for service providers and their partners. It combines innovations in payments with attention to human factor, behavior-centered experience design, and innovative digital technology. Designed to support a large and complex ecosystem, mobiquity® Wallet enables financial institutions, retailers, telecom operators and other consumer service providers to re-engage and connect directly with their consumers, drive growth, and strengthen their brand by staying abreast of an ever-evolving market and consumer behavior. mobiquity® Wallet brings an evolution in mobile commerce by integrating payments, identity, loyalty, mobile marketing, location and social features. It leverages NFC (HCE), BLE, QR Codes, biometrics, geo fencing and sound based payments creating compelling consumer experiences. It also supports e-KYC as well as payments leveraging the UPI infrastructure, to simplify the user experience as well as offer a multitude of options to consumers for remittance and merchant payments. With lots of new consumers being brought on-board the wallet idea, there is a need to cater to an ever increasing number of new customer segments with unique requirements of their own. mobiquity® Wallet platform provides a unique service creation platform which allows for easy customization of customer experience and quick turnaround to the market with these customizations.

Source (*) Gartner, Market Guide for Digital Wallet Solutions; Analyst(s): Sandy Shen, Penny Gillespie