Wednesday, February 29, 2012

Comviva leads global support for MasterCard’s Mobile Money Partnership

Acclaimined leader in mobile solutions, Comviva, is leading a strategic partnership with MasterCard to launch a first-of-its-kind open loop Mobile Money Partnership Programme.

ITRealms Online, gathered that Comviva would be working MasterCard to help over 2.5 billion financially underserved consumers globally to gain access to mainstream financial services – via their mobile phone.

A press statement made available to ITRealms Online, showed that the partnership would leverage on building upon its leadership in technology to create a solid ecosystem of trusted business relationships and symbiotic partnerships.

This, the company also stated has enabled Comviva to deploy a large number of mobile commerce solutions across the globe, even as Comviva’s mobiquity is a multi award winning mobile financial solution that has already crossed over 55 deployments, 490 million subscribers in 38 countries.

With mobiquity, the official statement added that mobile users could quickly, easily and safely access a range of financial payment services. It also provides multiple proven integrations, including payment, banking, credit card and Automated Teller Machines (ATM) switches and systems.

The chief executive officer, Comviva, Mr. Manoranjan Mohapatra, was quoted as saying that with the firm’s established leadership in empowering mobile money technology across geographies, they are thrilled to support MasterCard’s first-of-its-kind open loop Mobile Money Partnership Programme.

“Our dominance in emerging markets makes us as an unequivocal partner of choice for MasterCard to cater to underbanked segments with intuitive financial services. With mobile financial services turning into a key business strategy for banks and telecom vendors, this program will also give the right impetus to financial and social inclusion,” he said.

Equally commenting, the Group Executive, Mobile, MasterCard Worldwide, Mr. Mung Ki Woo, noted that with about 5 billion mobile phone users globally, this partnership programme provides powerful, smart and convenient new payment options to people through a device that is already in the palm of their hands today.

“To ensure success of this programme, MasterCard has partnered with the leading players in the mobile money ecosystem. Comviva was a key partner of choice to empower billions of underserved segments in the developing market,”  he said.

He explained that the partnership would address the need of consumers in developing markets through a readily accessible device, the mobile phone.

Hence, Comviva would work with MasterCard to enable global consumers to purchase goods and services via their mobile phone at millions of physical and online merchants, as well as transfer funds and pay bills.
ITRealms Online recalls that according to recent Juniper Research, the combined market for all types of mobile payments is expected to reach more than $600B globally by 2013, double the current figure.

Remmy Nweke
ITREALMS Online ... delivering news for ICT4D

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