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<keyword id="1384312" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Comviva">Mahindra Comviva</keyword>, a company providing mobility solutions, recently released a new version of <keyword id="2129181" type="UNKNOWN" weightage="20" keywordseo="Mobiquity-Wallet">mobiquity Wallet</keyword> which comes with an embedded chatbot to assist wallet consumers through their <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="Digital-Payments">digital payments</keyword> journey with their banks. 
 
It has an intuitive conversational interface that is helping banks deliver interactive and personalized experience to customers. 
 
As per eDigitalResearch, live chat shows the highest satisfaction levels for any customer service channel with 73% compared to 61% for email and 44% for phone. This provides banks with the incentive to leverage digital services like chatbots to provide fast and seamless services to their customers and thus provide higher levels of customer satisfaction. 
 
Also, with Gartner predicting that by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human, a chat-based implementation becomes important now. 
 
Srinivas Nidugondi, SVP and Head, Mobile Financial Solutions at Mahindra Comviva said: “Intelligent payments” are the future. Chatbot will make transactions on the digital wallet as simple and seamless as conversing with friends on the social channels, removing complexities in registering for a digital wallet or making payments. Moreover, chatbots will help to improve banking ROIs by automating repeat value transactions as it replaces manned helpdesk. 
 “The millennials are already attuned to using chats for almost everything, thanks to the advent of the likes of <keyword id="6355629" type="CITY" weightage="20" keywordseo="Google">Google</keyword> Assistant. Bots are already being used by futuristic banks to drive automation for backend processes. Our intention is to help them extend that to the consumer touch points as well” he further added. 
 
Designed to support a large and complex ecosystem, mobiquity Wallet is enabling financial institutions, retailers, telecom operators and other consumer service providers to re-engage and connect directly with their consumers, drive growth, and strengthen their brand by staying abreast of an ever-evolving market and consumer behavior. 
 
Mobiquity Wallet 2.4 will provide chatbot based registration and payments services initially, with further plans to expand the services to include context driven interactions as well as integrate artificial intelligence to drive the consumer journey.

Here's a wallet with an embedded chatbot to assist consumers through their digital payments journey with banks

There’s perhaps a lesson for every company to take from this one company <keyword id="1384312" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Comviva">Mahindra Comviva</keyword> – a company which provides mobility solutions to its customers. What’s fascinating is that this company is also providing mobility solutions to its employees - except that it is doing it in a different way altogether. 
 Realizing that employee development is imperative for the company’s over-all growth, it has put in place an <keyword id="3337601" type="UNKNOWN" weightage="20" keywordseo="Internal-Career-Opportunity-policy">Internal Career Opportunity policy</keyword> which encourages employees to take on different roles and helps them develop new skills, learn new technology, domain and products, as they are rotated from one department to another. 

	This new policy if adopted by companies can ‘shake’ the system and help in creation of a stronger, balanced talent pipeline. 
 

	So far, it is proving to be a boon for employees at Mahindra Comviva, who are not able to explore vertical growth in their current team/role, because of lack of position at the next level. It is also giving them an opportunity to work with new customers/teams and enhance their professional capacities with every move. Sounds good, but how are the manager’s concerns about resource management with their current team structure being dealt with? Mr <keyword id="605369" type="PERSON" weightage="20" keywordseo="Sandyp-Bhattacharya">Sandyp Bhattacharya</keyword>, Senior VP &amp; Head of HR at Mahindra Comviva tells us - “The process of ICO is followed as any external hiring would in a given situation. In our system, our regular Heart2Heart meeting helps the managers prepare prior to the employee deciding to take any step towards exit or is negatively/positively affected by external influences. So the managers will be able to ascertain and handle the situation like any other exit situation. The hiring SLAs of 60 days kick in as soon as an employee moves into another role.” 
	 

	Moreover, employees can apply for a position -one level higher than their current role, which makes the process fairer. On getting selected; the promotion letter is given in advance to the employee though the promotion date is aligned to the next immediate cycle date (June 1 or December 1). One of the employees at this company, <keyword id="3337600" type="UNKNOWN" weightage="20" keywordseo="Deshbandhu-Bansal">Deshbandhu Bansal</keyword> who is handling Messaging and Broadband Solutions in Bengaluru currently says his role is defined as Business Development, but he has got the opportunity to work on various solutions such as Messaging, Mobile Internet, Digital Services, Analytics, etc. in various roles such as Partner Management, Product Management and New product initiatives, over the last six years. 
	 

	But anyone wanting to move has a few simple rules to follow. Mr Bhattacharya says – “An employee has to wait for 2 years before applying for any job rotation once he is part of the system. However, thereafter, if there is alignment towards the role and there are no performance issues, an individual can apply after 18 months to subsequent change. The intent is also to promote a positive environment for growth and potential and not be a rolling stone of the system.” 
	 

	Here are some of the Benefits of having an Internal Career Opportunity policy 
	 

	- offers regular rotation of job

	- exposes individual to new horizons and encourage them to achieve targets

	- helps in grooming, preparing, enhancing and nurturing employee skills, both functional and cross functional, and developing them as future leaders

	- It also provides advantage to external candidates, as they can be assessed based on the perceived maturity to handle the vacant role

	- Gives better understanding of the big picture that allows people with different ideas, perspectives, and expertise to voice their ideas and bring creative and innovative solutions within the team

This Indian company is setting some serious HR
goals for others to follow!

As 2016 comes to an end, the question on everyone’s minds is how will 2017 pan out? Will it be as full of shocks as 2016 was- mostly bad for business and life, or will it hold the key to ending this sad decade on a good note? In fact, the one good footnote to 2016 was the tremendous growth of technology and its pushing of stringent boundaries. It is this very fact that will pave the way for 2017 to become one of the better years in the decade. 
 
<a href="http://www.businessinsider.in/Now-split-movie-ticket-cost-among-friends-using-BookMyShows-improved-MyWallet-version/articleshow/55894434.cms">ALSO READ: Now, split movie ticket cost among friends using BookMyShow’s improved ‘MyWallet’ version</a> 
 Digital payments (yes, PM <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> has struck <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword> here) and 5G networks will drive unparalleled growth for the Indian economy in the new year. Which means, 2017 could easily turn out to be the luckiest year for PayTM, Reliance <keyword id="2003276" type="UNKNOWN" weightage="100" keywordseo="Jio">Jio</keyword>, and <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword>, the top 3 companies positioned at the right place at the right time. Mahindra Comviva’s report, The Business of Tomorrows says the impact of current and emerging new technologies on the wider telecom ecosystem has been notable. 
 
<a href="http://www.businessinsider.in/This-company-getting-all-our-work-on-one-huge-screen/articleshow/55899745.cms">ALSO READ: This company getting all our work on one huge screen</a> 
 
After demonetization and further technology integration, digital companies and telecom providers are likely to get bigger next year. 
 
This is what you can expect from the upcoming year in technology space: 
 
• Mobile payments have seen an incredible surge with increased smartphone penetration, it has given new players an opportunity to come to the fore. 
 • 36 percent of respondents believe that the financial institutions like Visa and <keyword id="6368201" type="CITY" weightage="20" keywordseo="MasterCard">MasterCard</keyword> will dominate mobile payment ecosystem ahead of social platforms like WeChat, BBM Money, and Facebook Messenger. 
 
• The study also states that about 60 percent of operators believe mobile wallets to replace physical wallets in next 3-10 years. 
 
• While 5G standards are yet to be defined, 5G network is expected to act as a catalyst for a wide range of services, both on the enterprise and consumer side. 
 
• Twenty-five percent of respondents outlines the most important benefit of 5G will indeed be the capabilities it will potentially provide in connecting billions of devices to the network. 
 
<a href="http://www.businessinsider.in/Exclusive-How-demonetization-has-affected-Shopclues/articleshow/55899471.cms">ALSO READ: Exclusive: How demonetization has affected Shopclues</a> 
 
This report certifies what most of us having been thinking, the future is mobile and it has already started happening right now.

Paytm, Airtel and Reliance Jio likely to become India’s most
powerful companies in 2017

Near-Field Communication (NFC) is a set of protocols that allows two devices placed within a few centimeters of each other to exchange data. For this, both devices must be equipped with a NFC chip. 
 
There are two ways in which NFC works. One is two-way communication involving two devices that can read and write to each other, for instance, two Android phones touching each other to transfer photos or contacts. The other is one-way communication, where a powered device such as a smartphone reads and writes to an NFC chip. 
 
Presently, NFC is being used in many ways, including: 
 
<ol>
	<li>
		NFC business cards that contain an NFC tag inside. You can tap it with an NFC mobile phone to link to online content.</li>
</ol>
 
<ol>
	<li value="2">
		NFC lock doors can be operated with the tap of a smartphone, and allow homeowners to control access, send keys to others, and receive notifications when someone uses the lock.</li>
</ol>
 
<ol>
	<li value="3">
		Libraries use NFC sticker tags to create 'smart' books. For instance, to make it easy to access book reviews, the tags can be placed on a book's cover and program so that it links to a reviews page, and helps users understand if that's the book they want.</li>
</ol>
 
<ol>
	<li value="4">
		NFC mobile payment, which works like any other contactless card payment. Apple Pay is a good example; NFC-equipped iPhone or Apple Watch stores encrypted details of the user's debit or credit card information. When you tap your iPhone on a retailer's reader, your identity is confirmed via PIN or Touch ID sensor, and payment is made automatically.</li>
</ol>
 
Mahindra Comviva's mobiquity® Wallet is one of the first wallets to use NFC, QR code, biometrics and Bluetooth low energy (BLE) to simplify payments and facilitate mobile commerce. It works off the cloud-based Host Card Emulation (HCE) technology, which emulates a payment card on mobile devices using only software. Google's support for HCE in the KitKat OS jump-started the new technology, with Visa and MasterCard in the process of rolling out HCE-based projects in some countries. 
 
HCE vs SE 
 HCE is the alternative to Secure Element (SE), which works like a smart card in a phone protected against tampering by a restricted access interface and strong encryption. In SE <keyword id="715987" type="UNKNOWN" weightage="20" keywordseo="NFC-payments">NFC payments</keyword>, the payment app holding the payment credentials are stored in a tamper-proof hardware model called the Secure Element, which has a direct connection with the NFC controller. This is also the SIM SE owned by the mobile operator, indicating the operator 's role in provisioning the payment app. Before Android 4.4 KitKat, SE was the only available solution to emulate card payment on an Android device. 
 
Host Card Emulation presents a short-cut for mobile NFC payments. Banks can use it to launch mobile NFC products without requiring the use of the Secure Element or SIM. Instead, the mobile device operating system can communicate directly over the NFC interface in card emulation mode. Banks have the flexibility to provide NFC products without cooperation from mobile operators, and can hence eliminate complexity and save costs. 
 
What are the advantages of breaking the dependency on SE? 
 
The opportunities presented by HCE are not limited to mobile payments, but also extend to other applications, including card access, transit passes and loyalty programs. There are three distinct benefits of breaking the dependency on SE : 
 
ñ A more open system with a lesser reliance on carriers, issuers and trusted service managers 
ñ There is no longer a need for complex SE cards provisioning 
ñ It offers the ability to use multiple NFC wallets on the same device without SE storage size or compartmentalization worries 
 
HCE supports NFC without the requirement for any infrastructure change; it can easily work with a current, NFC-enabled POS terminal device. This is beneficial for merchants with already established POS systems. They don't have to invest in pricey hardware to accept payments via emulated cards. 
 
But is HCE more secure than SE? 
 
As a physical secure element is not involved in HCE, there are some misgivings about the security offered by this technology. However, this is more a matter of perspective. In HCE, card data is not stored in the SE; rather, tokens are downloaded to the device and used to complete point-of-sale transactions. In the event of a security breach, only a limited amount of tokens of low transaction value would be exposed, and not the account itself. This can be viewed as a good balance of risk and reward. As the value of the token is very low, there is no requirement for the highest level of security. 
 
It doesn't of course mean that security can be discounted. The risk posed by a lack of hardware security can be addressed by incorporating additional security layers, such as white box cryptography and securing the communication channels between the device and server. 
 
HCE can simplify the business model, drive up processing speed and power, deliver greater storage capacity, and provide more control over projects. 
 
(The article is authored by Srinivas Nidugondi, Senior VP &amp; Head of Mobile Financial Solutions, Mahindra Comviva) 
 
(Image: Thinkstock)

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