Awarded ‘Best Payments Solution Provider of the year’ for HCE and Tokenization Solution
Dubai, UAE: Comviva, one of the global leaders in Digital Financial Solutions, has won the prestigious ETBFSI Excellence Award 2020 for itsmobiquity® Banking Suite – HCE and Tokenization Solution in the ‘Best Payments Solution Provider of the year’ category. The award was announced recently at a virtual award ceremony during the ETBFSI CXO Conclave 2020. The ETBFSI Excellence Award is an initiative of The Economic Times, a leading financial daily in India. The award identifies, acknowledges and rewards the achievements of technology players who have contributed to the BFSI industry.
Comviva’s mobiquity® Banking Suite leverages Host Card Emulation (HCE) technology and Tokenization to deliver swift, secure and convenient contactless mobile payments to consumers. HCE enables consumers to have a digital version of credit and debit card in their mobile phone and then tap their mobile phone at certified NFC POS machines to pay merchants. This eliminates the requirement of a physical card. Tokenization ensures that payments are executed in a secure manner.
Expressing delight at receiving the award, Srinivas Nidugondi, EVP and COO, Mobile Financial Solutions at Comviva said, “We are honoured to receive ETBFSI Excellence Award 2020. The award validates and recognizes Comviva’s efforts in bringing consumer focused, innovative and user friendly digital payment solutions to the market. mobiquity® Banking Suite – HCE and Tokenization Solution facilitates contactless mobile payments which are not only quick, secure and convenient, but also hygienic. The customers can make low value transactions without a physical card or touching any PIN PAD or POS device to enter a PIN. Due to its hygienic contactless nature this service is extremely relevant in COVID era.”
Comviva’s mobiquity® Banking Suite – HCE and Tokenization Solution has been deployed by multiple banks and card issuers globally. Banks and card issuers have the flexibility to either use existing mobile banking application or create a new application to launch ‘tap & pay’ contactless payment. SBI Card, one of the leading credit card issuers in India, has deployed the solution in October 2019 to offer contactless mobile payment service SBI Card Pay.
Comviva’s mobiquity® HCE and Tokenization Solution is a multi-TSP (Token Service Provider) solution, readily integrated and certified for use with Visa’s VTS and Mastercard’s MDES solutions, and provides support for any other TSP, using a single proprietary SDK. Comviva has been certified by Visa as both a Token Requestor Token Service Provider (TR-TSP) as well as an Issuer Token Service Provider (I-TSP). Comviva is also in the process of providing support for other schemes like RuPay and American Express, to increase acceptability of the solution across more issuers and regions. Comviva’s single integration platform for multiple devices across the SDK, as well as for server components, allows for single integration to support all TSPs (Visa, Mastercard and any others).