Certified for HCE and Tokenization based contactless mobile payment solution
NEW DELHI, Sept. 9, 2020 /PRNewswire/ -- Comviva, 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 in June 2017. The Visa I-TSP and TR-TSP certifications are for Comviva's mobqiuity® 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® 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® 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® 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®'s HCE and Tokenization solution in October 2019 to offer contactless mobile payment service SBI Card Pay.
Note: mobiquity® is registered trademark in India only