Comviva, the worldwide leader in digital solutions and SBI Card, India's leading credit card issuer, recently received three prestigious awards: Payments & Cards Award 2020, PayTech Award 2020 and InnTech Award 2020 for the 'SBI Card Pay' service. At the Payments & Cards Awards 2020, SBI Card and Comviva were recognized as the winners in the 'Best Payments Technology Initiative of the Year' category. At the PayTech Awards 2020 and ‘Best Implementation of Technology by a Financial Sector Enterprise’, ‘Best Technology Provider/Vendor for Financial Technology (FinTech) Services’ and ‘Best Integration of Technology in a Banking/Payments/Mobile Wallet Interface or Application’ categories were also awarded to the organizations at the InnTech Awards 2020. At the virtual award ceremonies, all the awards were announced.
The SBI Card Pay service enables customers to create a virtual card on their mobile phone for their physical Visa or Mastercard SBI Credit Card. Thereafter, customers can make payments at merchants simply by unlocking their mobile phone screen using fingerprints, the screen lock facility or an MPIN and tapping the phone at a Near-Field-Communication (NFC) POS. This simple 'tap and pay' contactless process has made card payments swifter, hygienic and more seamless for customers.
The service is powered by Comviva's HCE Module from its mobiquity® Banking Suite, that leverages Host Card Emulation (HCE) technology and tokenization to deliver swift, seamless, secure and convenient contactless mobile payments to customers. Tokenization converts a customer's card information into a device-specific digital token. Hence, while executing a transaction, a digital token is shared and the customer's actual card information is masked, thus securing the transaction. In case the customer's mobile device is misplaced, details of the card remain secure, as it is stored as digital tokens.
Pleased with the award wins, Mr. Ashwini Kumar Tewari, Managing Director & CEO, SBI Card said, "Driven by customer centricity, SBI Card has always been at the forefront of adopting latest technologies that benefit customers. SBI Card Pay is one such service that leverages next-gen HCE technology, allowing customers to create virtual version of their physical credit card on mobile phone and then tap the mobile phone on merchant's NFC POS to make the payments. This 'tap and pay' contactless payment process is faster, secure and more convenient."
Manoranjan 'Mao' Mohapatra, Chief Executive Officer at Comviva said, "We are honoured to receive these awards. The awards validates and recognizes Comviva's efforts in bringing consumer focused, innovative and user friendly digital payment solutions to the market. Globally HCE and tokenization are making card payments frictionless and secure and we believe that in India also they will redefine the card payment experience. With the growing NFC POS infrastructure in India and mobile phones becoming de facto wallets for consumers, we expect 'tap and pay' services like SBI Card Pay are the future of card payments in India."
Payments & Cards Awards 2020 are annual awards provided by Kamikaze, a premium B2B Media enterprise in India. PayTech Awards are global awards incorporated by London headquartered Fintech Futures, a popular digital publishing platform and knowledge hub for the worldwide fintech community. InnTech Awards are organized by Inkspell Media, an avant-garde B2B Media enterprise in India. All these awards celebrate and recognize the excellence and innovation in the technology, banking, payment and financial industries.
Comviva's mobiquity® Banking suite provides a comprehensive solution to banks and financial institutions, to not only build, manage, optimize and deliver omni-channel banking experience, but also continuously iterate and engage the consumers, through instant configuration capability, personalization and experimentation engine. This platform empowers the banks to deliver a digital hyper-personalized experience enhancing customer's lifetime value. mobiquity® is a multi-token service provider (TSP) solution that delivers agile and secure contactless payment experience to the customer, by leveraging HCE and Tokenization. The solution is readily integrated and certified for use with Visa's VTS and Mastercard's MDES solutions and provides support for any other TSP as well, using a single proprietary SDK, across devices. Comviva has both Visa ITSP and TR-TSP certifications.