Tech mahindra
Tech mahindra

Mahindra Comviva Eyes Next Wave of Growth from Americas

  • Targets 300% revenue growth over the next three years
  • Driving the next wave of innovation in mCommerce, improving mobile users digital life

San Salvador, El Salvador – February 11, 2015: Mahindra Comviva, the global leader in providing mobile commerce, content and data solutions, today announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva will focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions. Mobile financial solutions by Mahindra Comviva are designed to support mobile network operators, retailers, banks and financial institutions.

Mahindra Comviva will also focus on R&D in the field of mCommerce, data analytics and future-oriented technologies, contributing to industry standardization and support the digital transformation of the society.

Mahindra Comviva is amongst the top three mobile financial providers in emerging markets. The company caters to over 750 million customers globally and processes a total of over $22 billion payments. It is a preferred partner of leading operators in El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Guyana, Curacao, Chile and Peru. Mahindra Comviva holds 11% deployment market share in mobile money market in Latin America. Its deployments in Latin America registered 170% growth in mobile money subscribers in the last 1 year.

Speaking on the occasion Vikram Shanbhag, Senior VP, Americas Region and Global Channels at Mahindra Comviva said, “Over the past few years, Americas has significantly increased its contribution to the overall company revenues, powered mostly by its award-winning messaging, mobile data, mobile money and recharge solutions. At Mahindra Comviva we are in a unique position to work with strategic partners to kick-start the next wave of growth of the M-commerce eco-system and reinvigorate partnerships to grow capabilities and improve credibility among MNOs, Retailers and Banks.”

Briefing the media, Kamaljeet Rastogi, Global Head - Business Development, Mobile Financial Solutions at Mahindra Comviva said, “Digitally empowered consumers are now demanding greater convenience in the way they shop and pay. By digitizing and integrating the consumer’s complete payment journey from pre-payment to post-payment, our mobiquity® Wallet makes for a truly immersive as well as informative shopping experience. To the wallet provider and their partners, it offers a flexible platform of innovation in payments and a robustness that is designed to support a large and complex ecosystem. We are extremely delighted to introduce our advanced mobile financial offerings for the operators, financial service providers and retailers in El Salvador and other countries in Central America.”

The company’s mobile financial solutions product portfolio includes, PreTUPSTM -a prepaid management solution designed for companies across the telecom, broadband, and direct-to-home industries. Its mobiquity® mobile financial solution positions the mobile phone as a cash-and- card-free financial transaction medium and includes three products - mobiquity® Wallet; mobiquity® Money and mobiquity® Banking. payPLUS is an integrated payment solution which equips merchants to accept card transactions over mobile phones.

The mobiquity® Wallet enables both remote and proximity payments and focuses on bringing together the customer’s entire shopping journey, including loyalty, couponing, contextual commerce and location based services. The solution is designed to be flexible and is one of the first wallet platforms to use NFC - SE, HCE, QR Code and Bluetooth Low Energy (BLE) to support diverse and ever changing scenarios.

mobiquity® Money provides mobile users with a mobile stored value account for conducting various financial transactions such as money transfers, utility bills payments, merchant payments, ticket purchases and sending or receiving international remittances. The platform enables financial service providers to move the customer up the financial ladder by offering mobile based micro-financial services such as savings, loans and insurance. The platform empowers businesses to credit salaries and governments to distribute cash subsidies and relief aid. mobiquity® Money has  more than 50 deployments across 40 countries enabling over 35 million registered customers to transact approximately USD 13.5 billion transactions annually.

Mahindra Comviva's mobiquity® Banking gives financial institutions the ability to differentiate themselves through customer-centric mobile banking services across a wide range of devices. By capitalizing on features like GPS, camera and message notifications on the mobile, banks can offer an enriched customer experience. Banks benefit from a higher ROI, rapid revenue growth and faster deployment cycles. At the same time, the customer is assured of a simple, secure and a convenient banking experience with the freedom to conduct real time, digital transactions-anywhere, anytime.

payPLUS is an integrated payment solution that enables businesses, including small & medium businesses and service professionals, to utilize their mobile phone as a Point-of-Sale (POS) device and drive transaction volumes by letting consumers use card based payment instruments. It equips businesses with an app and a mini card reader to accept secure card payments and harnesses the power of cloud technology to extend a range of compelling services to support evolving business requirements.
The solution also enables businesses to leverage location based services, to deliver promotional campaigns with offers and discounts, to customers, based on their location / proximity from the business store.

About Mahindra Comviva

Mahindra Comviva is the global leader in providing mobility solutions. It is a subsidiary of Tech Mahindra and a part of the USD 16.5 billion Mahindra Group. With an extensive portfolio spanning mobile finance, content, infotainment, messaging and mobile data solutions, Mahindra Comviva enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Its mobility solutions are deployed by over 130 mobile service providers and financial institutions in over 90 countries, transforming the lives of over a billion people across the world.

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Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. We are a USD 4.9 billion company with 125,700+ professionals across 90 countries, helping 941 global customers including Fortune 500 companies. Our convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018).

We are part of the USD 21 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.

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