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.
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.
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.
QR Code based payments are a popular form of digital proximity payments where consumers scan the QR code and pay through their prepaid wallet or bank account. With tokenization, the same use case can be extended to cards, where the card issuer or digital wallet app shares the payment token and cryptogram in the network instead of the actual card details along with the merchant account details read by scanning the QR Code. This use case eliminates the need of POS hardware to accept payment through cards thus optimizing cost for merchants while providing convenience along with security.
In-app remote payments is another emerging use case for tokenization. When consumers are shopping on a merchant app, at the time of checkout, along with the usual payment instruments, they will have an option to choose a tokenized card for payment. On selecting the tokenized card they will be redirected to the card issuer or digital wallet app. The card issuer or digital wallet app will share the token and cryptogram securely to the merchant app, which will then proceed with the payment using these details, minimizing the fraud risk as the card details are not flowing in the payment network.
Comviva’s mobiquity® HCE and Tokenization based tap and pay solution has been deployed by multiple banks and card issuers globally, for example, in India SBI Card provides SBI Card Pay service.