Mobile technology provider Mahindra Comviva developed a software integration for issuing banks and third-party digital wallet providers to add contactless payment capabilities to their mobile products in India.
Comviva says the software development kit for its Wallet Tap and Pay solution follows recent Reserve Bank of India guidelines designed to make the digital payments ecosystem safer. The integration with Wallet Tap and Pay will allow providers to more quickly launch contactless payments through their mobile banking apps or digital wallets.
Wallet Tap and Pay leverages tokenization and host card emulation to provide a digital version of a credit or debit card at the point of sale.
“With the growing Near Field Communication POS infrastructure in India and mobile phones becoming de facto wallets for consumers, we expect ‘wave and pay’ or ‘tap and pay’ to become the future of contactless payments in India," Sriniva Nidugondi, chief operating officer for mobile financial solutions at Comviva, said in a Friday press release.
The RBI released its guidelines on tokenization and card transactions in January, noting the central bank has permitted card networks to offer tokenization services to all third-party mobile app providers, especially for contactless payments through mobile phones.
The Comviva Wallet Tap and Pay is certified with Visa's Tokenization Service and Mastercard's digital enablement service, and also provides support for any other token service provider across devices, including wearables.
Comviva has worked to develop a digital payment ecosystem in India for the past five years, first entering into a
