Comviva, providers of mobility solutions, announced that its ‘mobiquity Wallet Tap and Pay’ solution will allow issuing banks and third party digital wallet providers to begin contactless mobile payments services in India.
This comes after the Royal Bank India released guidelines in January that aim to make the digital payments ecosystem safer, including tokenization for card transactions.
The solution will allow banks and third party digital wallet providers to launch contactless mobile payment service on their existing digital wallets and mobile banking apps through integrations with Comviva’s proprietary software development kit (SDK).
Srinivas Nidugondi, chief operating officer, mobile financial solutions, Comviva said: “With the growing NFC POS infrastructure in India and mobile phones becoming de facto wallets for consumers, we expect wave and pay or tap and pay to become the future of contactless payments in India.”
The company’s solution utilises tokenization to make each transaction and generates a one-time use cryptogram which is encrypted and sent to merchant’s point of sale device. As the card details are not shared during the transaction process, the transaction is highly secure.
Nidugondi continued: “We are happy to say that Comviva is making this future possible through its mobiquity Wallet Tap and Pay solution, leveraging HCE and Tokenization for seamless and secure mobile payments to all digital wallet users bringing the payment experience in India on par with the developed world.”
Comviva’s solution is a multi-TSP (Token Service Provider) across devices including wearable devices. Comviva also revealed its 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.
Furthermore, the Delhi-based firm is looking to support further use cases like in-app payments, consumer and merchant initiated QR payments, in its endeavor to make “all forms of digital payments seamless and secure.”
