Myanmar, December 2020: Comviva, a global leader in digital solutions, today introduced its flagship digital financial services platform mobiquity® Pay in Myanmar market to provide one-stop solution for all requirements pertaining to digital money, wallet, and payments.
Comviva mobiquity® Pay is evolved version of Comviva’s flagship mobiquity platform which is amongst the world’s largest white-labeled digital financial services platform. It powers over 70 digital financial services in more than 50 countries from South East Asia and Middle East to Africa and Latin America, serving the financial needs of over 130 million consumers and processing 7 billion transactions valuing $ 130 billion annually. In Myanmar, mobiquity® platform powers mobile money service offered by one of the leading mobile operators in the country.
mobiquity® Pay caters to all consumer segments ranging from the banked to the unbanked. For banked and carded consumers, mobiquity® Pay provides the option to save a payment instrument like a credit card, debit card or bank account with the digital wallet to make payments. For financially underserved consumers who need a digital wallet, it offers a stored value account (SVA),a prepaid digital wallet facilitating multiple financial transactions such as money transfers, bill and merchant payments, salary payments, etc.
Speaking on the occasion, Srinivas Nidugondi, EVP and COO, Digital Financial Solutions, Comviva said “The digital financial services space is evolving rapidly, with consumers demanding comprehensive financial products that offer new services, house innovative features and facilitate faster payments and a frictionless experience. To cater to these requirements, we have introduced our mobiquity® Pay platform with cloud native capabilities.”
mobiquity® Pay is a cloud native platform with an open source tech stack. It enables an open supply chain with respect to hardware. The cloud based deployment enables reduction of costs to launch a digital payment service and thereafter scale rapidly with Auto-scaling functionality. Open supply chain enables a reduction in hardware cost. It supports deployment on both on private and public clouds including but not limited to Amazon AWS, Oracle cloud or Azure. mobiquity® Pay platform also supports 100 per cent automated deployment. This is enabled using a continuous integration and continuous delivery (CI/CD) pipeline based approach.
mobiquity® Pay also accelerates time to launch new digital payment services, providing competitive advantage to digital financial service providers. It enables the Business or IT Teams of the service provider with rapid launch of new digital payment services or customizing the existing service flows in approximately one fifth the time taken using the extensibility framework with an easy to use Web interface. The service creation manager helps in creation of new services by cloning existing services and modifying the business flow. mobiquity® Pay expedites rapid service expansion for developers and third-party service providers, by providing open APIs to enable integration with the digital financial services ecosystem. Supporting over 1,000 integrations across deployments, mobiquity® Pay provides technology teams with a middleware layer to enable faster third-party integrations, reducing go-to market time considerably.
mobiquity® Pay is built on a micro-services based architecture. The micro-services are designed and developed to be fully independent and reusable. The auto scalability of a micro-service, independent to any other micro-service running in the system, provides efficient load regulation. The architecture enhances platform reliability and safety with self-monitoring and self-healing capabilities using readiness probe, liveliness probe and graceful shutdown.
Comviva’s mobiquity® Pay is a holistic platform serving consumers, service providers and their partners alike. It facilitates digital payments for all customer segments banked or unbanked through all form factors and modes like Mobile Applications, Web, QR Codes (EMVco & proprietary), Contactless, USSD, SMS et al with multiple instruments like SVA, Bank issued cards, Bank accounts or Loyalty cards.
Note: mobiquity® is registered trademark in India only