The firm says with more than US$325 billion emitted in 2010 which was up by six percent despite the challenges of economic environment, international money transfers are vital to emerging market economies.

Further, the World Bank estimates that this will increase to US$374 billion by 2012 and will be narrowly second only to foreign direct investments for cash injected into developing markets.

Comviva says its mobiquity product or platform has already delivered mobile financial services to over 230 million mobile subscribers in more than 20 markets across Africa, Asia, Latin America and the Middle East.

Mobiquity, the firm’s multi award winning mobile financial services product is now present in 38 countries and has enabled over 230 million end customers to access and reap the benefits of convenient, card-free and cash-free financial services via their mobile phones.

Commenting about the products at the MMT Africa conference in Nairobi, Comviva vice president for Africa region, Mayank Sharma, said they have recognized that a vast and untapped opportunity exists to provide people with easy access to formal financial services across emerging markets worldwide.

Integrated payment service

In Africa, subscribers in 27 countries use mobiquity for mobile money and banking transactions. Comviva’s mobiquity solution is helping France Telecom-Orange to offer integrated financial payment services in multiple markets in Africa, where mobile users can quickly, easily and securely access a range of financial services.

The Vice president says the product empowers operators and financial service providers to cater to the diverse financial needs of both banked and unbanked customers. Through the platform banked customers have constant and convenient access to their complete financial services portfolio, as well as the ability to carry out everyday financial transactions.

Mobiquity, Comviva’s official say is used by one of the leading Asian operator which is performing over 410,000 utility bill payment transactions monthly on the Mobiquity platform.

While it’s other product the Pretups powers recharge for over 520 million mobile subscribers worldwide and it handles 11 million transactions daily in a single operator deployment.

Across Africa, PreTUPS enables affordable recharge for 100 million mobile subscribers in 19 markets. For close to a decade, Comviva has successfully supported rapid mobile communications adoption in growth markets with its PreTUPS prepaid recharge solution.

PreTUPS addresses the specific challenges of highly competitive, price sensitive markets while offering flexible denominations, and supporting and simplifying extensive distribution hierarchies to enable affordable, cost-effective service delivery.

Outside Africa

The vice president said that in India, a major operator, with over 100 million subscribers, is providing mobile payment and ticketing services using the Mobiquity platform.

While in Bangladesh, a leading operator pioneered international remittance services between major migrant-worker markets using mobiquity platform.

In Cambodia, a regional bank provides an end-to end suite of financial services, including salary payments, remittance services and bill payments.

The Vice president said the firm provides mobile solutions beyond value added services with an extensive portfolio of solutions spanning value added services infrastructure, applications delivery platforms and customer-facing applications.

The mobile VAS firm, Sharma says enables mobile service providers to enrich mobile users’ lives, whilst rationalizing costs, accelerating revenue growth and enhancing customer lifetime value. Comviva’s solutions he added that are deployed by service providers in over 85 countries and power services to more than 650 million mobile subscribers globally.

Enabling payments and P2P transfers is a compelling proposition – especially in markets where financial networks are relatively weak. We are leading the market in working with service providers to meet this demand.”

Comviva’s mobiquity trade mark platform can also be deployed to target banked customers, providing mobile access to people’s bank accounts, credit cards and enabling bill payments on the go.