Mahindra Comviva launches cloud hosted digital payments for the post demonetisation era

Mahindra Comviva has made its digital payment solutions mobiquity Wallet and payPLUS available via the cloud.

With the Indian government’s recent controversial demonetisation initiative, money in India is increasingly becoming digitised. Mahindra Comviva’s cloud hosted mobile financial solutions provide banks with a robust platform to further their digital payments strategy and cater to the needs of cashless societies in the post demonetisation era.

With Mahindra Comviva’s hosted digital payments solution, there is a strong incentive for banks to take the idea of cashless societies to every town and village. Besides CAPEX and OPEX savings, banks will be able to deploy services faster, adapt to markets quicker, and serve their customers better. Also, with digital payments primed to take off everywhere in the country, Mahindra Comviva provides a scalable platform for banks to onboard both new and existing customers quickly, as well as speed up deployment of services.

Mahindra Comviva is of the view that demonetisation is a move towards cashless societies and better governance through increased transparency and accountability. However, it also believes that the broader goal of creating a cashless society will only remain a mirage without the wholehearted support and acceptance of merchants as well as paying customers.  In this regard, demonetisation could very well serve as the catalyst for onboarding merchants as well as customers on to the digital payments platform.

Srinivas Nidugondi, SVP and Head, Mobile Financial Solutions, Mahindra Comviva, said: “In the follow up to demonetisation, the market will require a digital payments platform that is comprehensive enough to cater to the entire ecosystem of payments. Our products are already compliant with the India stack initiative of the government which makes onboarding of users through e-KYC and payments via UPI available to consumers as well as merchants, thus creating a strong base for cashless societies of the future.”

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