Comviva, the global leader in digital financial solutions, has been certified by Mastercard as a Token Requestor-Token Service Provider (TR-TSP) for Mastercard Cloud Based Payments (MCBP) including Digital Secure Remote Payments (DSRP). Comviva has also received EMVCo Software-Based Mobile Payments (SBMP) security certification. These certifications for Comviva’s mobiquity® platform leverage ‘tokenization’ and Host Card Emulation (HCE) to deliver secure in-store contactless as well as remote in-app payments.
Latest Fintech News:Â Offerpad Helps Simplify the Home Mortgage Experience with New Mobile App
Digital card payments like mobile tap and pay at merchant point-of-sale (POS) and in-app payments are growing rapidly, creating a need for better security of transactions. Mastercard is accelerating the adoption of digital payments using Tokenization through MCBP, a secure and scalable software-based solution developed to digitize card credentials and enable both contactless and remote payment transactions.
Comviva’s mobiquity® platform, certified for MCBP, offers multiple card payment use cases such as tap and pay, QR Code-based payments and in-app payments. Tap and pay leverages HCE technology allowing consumers to create a digital version of the credit or debit card in their mobile phone, and tap the mobile phone at Near-Field Communication (NFC) POS machines to make the contactless payment. Tokenization services make card transactions secure as it replaces sensitive card details with a unique digital identifier called a token during card transaction processing.
mobiquity® tap and pay solution achieved all the compliances set by EMVCo under the SMBP security certification, ensuring robust security.
mobiquity® has also been certified for DSRP, a Mastercard technology that enables secure transactions for remote payments made on Mastercard cards. DSRP use cases include QR code-based payments and in-app payments.
Latest Fintech News:Â SIGNiX Announces Partnership with American Bank Systems to Provide Secure Digital Signatures and Remote Online Notarizations for the Banking Industry
Harish Babu SN, Vice President, Market Delivery, South Asia, Mastercard said, “While the exponential increase in the use of digital payments over the past couple years has made it easier and more convenient for users to process transactions, it has also led to a significant spike in online fraud across the globe. Against this backdrop, Mastercard is delighted to support Comviva in their efforts to safeguard the digital payments ecosystem through certification by Mastercard’s DSRP and MCBP technology which will tokenize and secure card credentials across all digital platforms.”
Omkar Mukund Nayak, Vice President and Head of Product Management, Digital Financial Solutions at Comviva said, “Data security has become the top priority of any business looking for a payment platform. We are excited to receive MCBP, DSRP and EMVCo SBMP certifications and thank Mastercard for all the support. As digital adoption accelerates, our customers can be doubly confident in our information security and safety.”
“Our mobiquity® platform enables issuing banks to meet the needs of people by quickly launching secure payments services. Previously, mobiquity® tap and pay deployments were certified by Mastercard. Now with certification of mobiquity® tokenization product SDK, issuing banks shall not be required to go through the MCBP certification process, thus significantly accelerating time to launch contactless card payments service,” further added Omkar.
Latest Fintech News:Â Destin POS systems Powerhouse Provider Launches New Website to Better Assist Small Businesses
[To share your insights with us, please write to sghosh@martechseries.com]
