PR85490

NEW DELHI, Sept. 9, 2020 /PRNewswire=KYODO JBN/ --

- Certified for HCE and Tokenization based contactless mobile payment solution

    Comviva (https://www.comviva.com/ ), a global leader in digital financial

solution, today announced that it has been certified by Visa as an Issuer Token

Service Provider (I-TSP). Comviva was earlier certified as a Token Requestor

Token Service Provider (TR-TSP) by Visa (https://investor.visa.com/news/news-details/2017/Visa-Expands-Global-Network-of-Providers-to-Drive-Acceleration-Into-IoT-Payments/default.aspx )

in June 2017. The Visa I-TSP and TR-TSP certifications are for Comviva's

mobqiuity(R)(https://www.comviva.com/products-solutions/financial-solutions/digital-banking-mobiquity-banking-suite/ )platform that leverages Host Card Emulation (HCE)

technology and Tokenisation to deliver swift, secure, frictionless and convenient

contactless mobile payment to customers. HCE enables the customer to have a digital

version of the credit or debit card in their mobile phone, and tap the mobile phone at

payWave/payPass certified POS machines to make the payment. Tokenisation masks

card details to ensure that payments are executed in a secure manner.

    Digital card payments like eCommerce payments, mobile tap and pay at

merchant POS and in-app payments are growing rapidly and so is the need for

better security of transactions. Tokenization services like Visa Token Service

(VTS) make card transactions secure by replacing sensitive card details with a

unique digital identifier called a token. The token allows payment to be

processed without exposing actual card details.

    Visa is accelerating the adoption of secure digital payments using

Tokenization, by allowing approved third party partners called Token Service

Providers (TSPs) to provide access to the Visa Token Service (VTS). TSPs are

connected to VTS and help Token Requestors (TRs); which includes entities like

digital wallets, digital payment apps, payments enablers and merchants to

enable Tokenized payments. Comviva is a Visa certified TSP. There are two TSP

types: Token Requestor TSP (TR-TSP) and Issuer TSP (I-TSP). TR-TSP enables

Token Requestors to develop digital payment solutions leveraging VTS. I-TSP

provides solutions for financial institutions in participating token

requestor's digital payment services. Comviva's mobqiuity(R) platform now

offers both TR-TSP and I-TSP solutions certified for usage with VTS.

    Expressing his delight at receiving the certification, Srinivas Nidugondi,

EVP and COO, Mobile Financial Solutions at Comviva, said, "We are happy to

complete all evaluation requirements of Visa Ready TSP program and achieve

I-TSP certification. With both I-TSP and TR-TSP certifications, mobqiuity(R)

can now offer issuing banks, financial institutions and third party digital

wallet providers a full-scale, comprehensive contactless mobile payment

solution leveraging HCE and Tokenization. We like to thank Visa for their

support and providing us opportunity to be part of their TSP program."

    "Tap and Pay contactless payments are hygienic and safe and hence are

growing in popularity during the current pandemic," he further added.

    Comviva's mobiquity(R) HCE and Tokenization solution has been deployed by

multiple banks and card issuers globally. SBI Card, one of the leading credit

card issuers in India, has deployed mobiquity(R)'s HCE and Tokenization

solution in October 2019 to offer contactless mobile payment service SBI Card

Pay (https://www.comviva.com/press-releases/comviva-leverages-hce-technology-to-power-the-sbi-card-pay-service/ ).

    Note: mobiquity(R) is registered trademark in India only

    Press contact:

    Sundeep Mehta

    Email: pr@comviva.com

    Logo: : https://mma.prnewswire.com/media/995982/Comviva_Logo.jpg 

    Source: Comviva