One of the leading platforms in the mobile financial services sector is to be offered as a hosted model, extending benefits to members of the ecosystem. Comviva is providing its mobiquity platform on an SaaS (software as a service) model to provide lower operational costs, faster time to market and a fully managed mobile financial platform to financial institutions across the Americas, Europe, Africa and Asia.
The new model is intended to provide greater access to banking services for underbanked segments, as well as enable small and medium banks to remain competitive and maximise reach. In addition, the firm aims to boost proliferation of mobile financial services among service providers, including mobile network operators, retailers and other network providers, for greater consumer outreach.
Srinivas Nidugondi, Head of Mobile Financial Solutions, Comviva commented, "In today’s competitive world, it is imperative for banks, financial institutions and network operators to keep up to speed with changes in the mobile payment systems that they rely on for their continued operations. We believe that our offering will have a far reaching and positive impact on the economic and development indices of the markets where we plan to launch our hosted services.”
“Today, approximately 35% of mobile phone users have no access to formal financial services. In a world with 7 billion people, there are over 6 billion mobile phone connections, but only 1.8 billion bank accounts. [The hosted platform] will enable banks and mobile operators to address this major market gap by delivering affordable financial services to unbanked and underserved segments,” added Srinivas.
The increase in customer strength actively using mobile banking and payment services requires an innovative model to simplify the operational life for banks and telcos and also allow a faster turnaround. It is estimated that mobile payments will see more than $171.5 billion transactions this year — a rise of over 60 percent on 2011′s $105.9 billion with 212.2 million people using some form of mobile payment service.