Comviva ties up with MasterCard to offer financial services

Comviva, a global leader in providing mobile solutions, today said it has entered into a partnership with MasterCard to launch what it called first-of-its-kind open loop Mobile Money Partnership Program.

This tie-up will help more than 2.5 billion financially underserved consumers globally to gain access to mainstream financial services via their mobile phone, Comviva said in a release issued here.

"With our established leadership in empowering mobile money technology across geographies, we are thrilled to support MasterCard's first-of-its-kind open loop Mobile Money Partnership Program. Our dominance in emerging markets makes us as an unequivocal partner of choice for MasterCard to cater to underbanked segments with intuitive financial services, "Comviva CEO Manoranjan Mohapatra said.

With mobile financial services turning into a key business strategy for banks and telecom vendors, this programme will give the right impetus to financial and social inclusion, he added.

Comviva's mobiquity is a mobile financial solution that has already crossed over 55 deployments, 490 million subscribers in 38 countries.

With mobiquity mobile users can quickly, easily and safely access a range of financial payment services. It also provides multiple proven integrations including payment, banking, credit card and ATM switches and systems.

"With about five billion mobile phone users worldwide, this partnership provides powerful, smart and convenient new payment options to people through a device that's already in their hands today," MasterCard Worldwide Group Executive (Mobile) Mung Ki Woo said.