1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

MasterCard, Comviva and Tutuka Announce Strategic Mobile Money Collaboration

Dubai, United Arab Emirates, 21 November 2012 – MasterCard Worldwide, Comviva Technologies and Tutuka today announced a strategic collaboration that combines Comviva’s

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Dec. 20, 2012 - Dubai, United Arab Emirates, 21 November 2012 – MasterCard Worldwide, Comviva
Technologies and Tutuka today announced a strategic collaboration that combines Comviva’s
mobiquity® mobile payment platform, Tutuka’s prepaid processing platform and MasterCard’s
global electronic payments network to further extend financial inclusion to millions of consumers
across Africa.

The collaboration will enable Operators providing mobile money services using Comviva’s
mobiquity® platform to offer their customers prepaid MasterCard cards or Virtual Card Numbers
(VCN) linked to their existing stored value accounts. These will enable customers to purchase
goods and services at millions of physical and online retailers worldwide where MasterCard is
accepted, as well as transfer funds and pay bills.

At present stored value accounts, managed primarily by mobile network operators offer services
only to users within the operators network such as mobile top-up, bill payments, merchant
payments, cash withdrawal and P2P payments.

“Comviva has established its leadership in empowering mobile money across geographies. By
partnering with Tutuka, we can now bring the full benefits of the MasterCard Mobile Money
Partnership Program that we joined in February to consumers across Africa. Together, we are
now able to bring open loop solutions faster to market, like empowering consumers to utilize
their existing stored value account at any of the 33 million locations worldwide that accepts
MasterCard, thereby dramatically improving the Mobile Money value proposition,” says Srinivas
Nidugondi, Vice President, Mobile Financial Solutions ,Comviva.

The new solution offered by this collaboration will be available to both Comviva’s existing and
new mobile money implementations across Africa, with the potential to benefit over 750 million
consumers across the continent.

These consumers simply need to engage with their specific Operator, who will register and
link their mobile number against a unique MasterCard Prepaid card which will be issued to the
consumer. The Operator will also conduct any further steps as is mandated by each market’s
financial regulator.

“The ubiquity of mobile and interoperability are the keys to the penetration of electronic payments
in Africa,” says Mung Ki Woo, Group Executive, Mobile, MasterCard Worldwide. “This solution
leverages our biggest asset, the MasterCard Worldwide network, to bring ubiquitous acceptance to
mobile wallet consumers across Africa in an efficient and cost effective manner.”
According to MasterCard, Mobile Money addresses the needs of consumers in developing markets
through a readily accessible device, the mobile phone. While only about half of the world’s

households have bank accounts – and an even lower proportion in developing countries – seven
out of 10 people worldwide have a mobile phone. According to Juniper Research, the combined
market for all types of mobile payments is expected to reach more than $600B globally by 2013,
double the current figure.

The collaboration announced today is a result of a global initiative called the MasterCard Mobile
Money Partnership Program launched by the company in February 2012. The objective of the
program is to help more than 2.5 billion financially-underserved consumers worldwide gain access
to formal financial services through their mobile phones. Tutuka is one of the latest organizations
to support this program.

“Tutuka and MasterCard have enjoyed a long and fruitful relationship spanning 15 years,” says
Rowan Brewer, CEO, Tutuka. “This relationship has allowed us to develop African relevant
solutions that respond to ever evolving consumer needs, extending the benefits of electronic
payments to consumers who would otherwise not be able to benefit from their convenience, ease
of use and security.”

“MasterCard is continually looking at ways that it can help financially-underserved consumers
worldwide gain access to formal financial services,” says Michael Miebach, President, Middle
East and Africa, MasterCard Worldwide. “This collaboration with Tutuka and Comviva perfectly
illustrates the enormous potential for mobile money solutions to drive financial inclusion across
Africa, and continues MasterCard’s approach of providing consumers more ways of paying safely,
securely and simply.”

About MasterCard
MasterCard (NYSE: MA), www.mastercard.com,is a global payments and technology company. It
operates the world’s fastest payments processing network, connecting consumers, financial institutions,
merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products
and solutions make everyday commerce activities – such as shopping, traveling, running a business
and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter
@MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for
the latest news.

About Comviva
Comviva is the global leader in providing mobile financial and VAS solutions. Tech Mahindra Limited, India’s
sixth largest software exporter holds majority stake in the company. With an extensive portfolio of solutions
spanning VAS infrastructure, applications delivery platforms and customer-facing applications, Comviva
enables mobile service providers to enrich mobile users’ lives, whilst rationalizing costs, accelerating
revenue growth and enhancing customer lifetime value. Comviva’s solutions are deployed by service
providers in over 90 countries and power services to more than a billion mobile subscribers globally. For
more information, please visit www.comviva.com

About Tutuka
Tutuka is a software company focused on prepaid technology, and is the largest and longest running
voucher system provider in South Africa. Tutuka was founded in 1998 and brought out the first private
label and prepaid MasterCards in South Africa. Today we boast some of South Africa’s leading retailers and
marketers as our customers including Standard Bank, Liberty Properties, Altech Autopage, Vodacom, Visa,
Pick n Pay, Game, Investec Plc, Broll, Makro, Game Cape Union Mart, Edgars, NuPay, Look & Listen and
Sportsman’s Warehouse, to name a few. Visit www.tutuka.com for more information.

Media Contacts
Sundeep Mehta
Corporate Communications
Comviva Technologies Limited
T: +91 124 481 9000
Email: pr@comviva.com

--- End ---

Click to Share

Contact Email:
***@ignitee.com Email Verified
Source:Comviva Technologies Limited
Country:India
Industry:Mobile, Telecom
Tags:comviva
Shortcut:prlog.org/12046929
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share