A recent Nielsen survey of the U.S. smartphone market revealed that the penetration now stands at 64.7 percent. With more than 140 million Americans owning smartphones, the mobile wallet can be adopted by these owners if and when they think it is safe enough for them to permanently replace their traditional wallets. Using smartphones as a one-stop financial solution device will give consumers the ability to keep all their records in one platform so they can monitor their reward cards, banking information, credit card balances and more. While most people are aware of the technology, recent security breaches are making consumers more leery than ever to store all their financial data in one device.
Mahindra Comviva, a provider of global mobility solutions, has launched mobiquity Wallet, a solution the company says provides a secure, convenient and feature-rich digital wallet that combines NFC, QR code and Bluetooth Low Energy. Recognizing the hesitation consumers are having with mobile wallet technology, the company has highlighted the security features of the technology as well as the flexibility of using multiple technologies to make seamless transactions possible.
The platform has an ecosystem designed to increase revenues from existing customers as well as acquiring new customers looking for this technology. It can be applied by financial institutions, telecom operators and retailers so they can provide a flexible platform for their customers with innovations in payment solutions with cutting edge digital technology along with attention to human factor and behavior centered experience design.
The technology provides tools for leveraging data analytics from social media for word-of-mouth advertising and one-on-one marketing so it can deliver a path to purchase from discovery and payments to inducements and loyalty.
The mobiquity Wallet supports:
- Both local and remote storage of credentials
- Multi-factor authentication and tokenization
- Bill payment through QR code (NACHA compliant)
- Industry Associations: Member of Global Platform and Member of GSMA (News - Alert)
- MasterPass, PayPass and PayWave compliant
"Consumer needs are constantly evolving and we are proud to launch a digital wallet solution that focuses on consumer experience and purchase journey for payments. mobiquity Wallet aims to deliver a connected experience to the consumers and is designed to support a large and complex ecosystem," said Srinivas Nidugondi, senior vice president and head of Mobile Financial Solutions at Mahindra Comviva.
The technology Mahindra Comviva provides is deployed globally, handling millions of transactions every day serving more than 700 million consumers globally. The company's mobility solutions are deployed by more than 130 mobile service providers and financial institutions in more than 90 countries around the world.
Edited by Alisen Downey
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