TV24 Desk: Comviva, the global leader in digital financial solutions, today announced the launch of mobiquity® Pay X, its next generation digital wallet and payment platform in Bangladesh market. mobiquity® Pay is amongst the world’s largest digital financial services platforms, powering over 70 digital wallets and payment services for 130+ million consumers and processing over 7 billion transactions exceeding USD 130 billion annually in more than 50 countries. In SAARC region, Comviva is powering Banks and Financial Institutions in Bangladesh, Nepal and India.
This comes as a strategic decision by the company which is aggressively expanding its market share in the digital payments space in Bangladesh. With partnership agreements signed with leading Banks and Wallet Operators in SAARC region, Comviva is poised for market expansion and launching new service offerings to cater to the customer needs in countries like Bangladesh, India, Sri Lanka and Nepal.
With its next generation mobiquity® Pay X platform, Comviva has enhanced all aspects of digital financial solution, including scalability, faster deployment and time to market, simpler user lifecycle management & experience and enhanced security.
This new platform is completely built on microservices based architecture with fully independent and reusable components. mobiquity® Pay X has enabled Open APIs to easily integrate with third party systems and extended financial ecosystem. To enhance user experience, the platform now offers a revamped slicker mobile app for consumers, agents, merchants and other business users and provides an advanced User Management System (UMS) that allows back-office users to easily manage the complete lifecycle of consumers, agents, merchants, and other business users seamlessly. Its intuitive user-interface, predefined templates and real-time feedback help quickly perform operations.
The new platform significantly strengthens security with robust authentication and authorization modules. It provides complete flexibility to easily configure various PIN, password and access rules as per the requirements. Its advanced session management capabilities help identify all active sessions and logins from a user through multiple devices and takes corrective action to prevent frauds.
Speaking on the launch Md Arifuzzaman, Country Manager for Bangladesh at Comviva, said, “Bangladesh continues to be the mainstay of our business as we have a comprehensive understanding of the land in terms of the telecom and financial ecosystem. We are excited about our expansion in digital payments market in Bangladesh and looking ahead to work with some of the leading financial services providers in enabling contactless payments, scaling aid payments both domestic and international and helping them in their journey for the next phase of growth in providing financial inclusion.”
Vivek Agrawal, Global Head – Enterprise Business at Comviva, said, “COVID has significantly accelerated the growth of digital financial services and the entire financial ecosystem is growing at its fastest pace ever. Customer demand and public health priorities are pushing contactless payment adoption in Bangladesh and our mobiquity® Pay X platform shall help financial service providers scale their digital wallet and payment services faster and seamlessly. With this new platform, Comviva has completely automated the software delivery process accelerating time to market.”
mobiquity® Pay X offers Order and Payment System that provides consumers a unified view of transactions performed by various payment instruments. It provides end-to-end tracking of entire payment transaction across all stages. It also enables back-office users to view status of payment transactions and identify failed and ambiguous transactions to take corrective actions like refund to complete the order-payment cycle.
The new mobile app is built using best-in-class design practices and has rich features including self-registration, biometric login, profile personalization, payment through multiple instruments (prepaid wallet, card, bank account), favourite transactions, multi-currency support, currency conversion, real time transaction tracking, referral bonus, merchant/agent locator, dynamic QR Code and many more.
With an enhanced monitoring and alerting system, mobiquity® Pay X has the capability of proactive disaster management by identifying threshold breaches for critical application and system parameters in advance and providing real-time notifications for corrective actions.
Comviva has pre-integrated best-in-class technology in the areas of digital KYC and Personal Financial Management (PFM) to offer unparalleled value to consumers.
