Mozido and Tata Consultancy Services Establish Strategic Alliance to Globally Launch Mobile Payment Platform
30 Apr, 2012, 10:01 ET
DALLAS and MUMBAI, India, April 30, 2012 /PRNewswire/ -- Mozido and Tata Consultancy Services (TCS) today announced a strategic partnership which supports the global expansion of Mozido's unique mobile payment platform, including a robust Enterprise Global Cloud Payment Network. This partnership creates a compelling value proposition, by bridging TCS's excellence in systems integration and the development of business and compliance solutions with Mozido's leading B2B and B2C multi-channel mobile financial services platform.
"The strategic partnership with Mozido reinforces our leadership as the long term technology partner best equipped to support global enterprises, to transform their businesses using our full service capabilities and domain knowledge," said N. Chandrasekaran, TCS' CEO and Managing Director. "We are delighted to work with Mozido, as we see an increasing demand from our customers across a wide variety of industries to leverage mobile platforms to create cloud-based ecosystems that enhance their businesses and customer experience."
Mozido's mobile wallet platform integrated with TCS's industry-leading mobile point-of-sale (mPOS) system and TCS Rewardz™, a customer loyalty platform, serves as a unified hub enabling consumer packaged goods companies (CPGs), financial institutions, mobile network operators, retailers and merchants to deliver a compelling customer experience.
Mozido's mPOS, powered by TCS unparalleled technology platform, has enabled the launch of Mozido Mobile Vault (mVault™) – one of the world's first, real-time, digital payment processing platforms, which addresses the current inefficient cash handling logistics that burden delivery drivers and distribution networks.
Enhanced by TCS Rewardz™, Mozido Mobile Wallet will not only offer a full suite of transactional functionalities, such as bill payment, remittances, mobile top-up, and payroll deposit, but also, real-time marketing and redemption, as well as deep, targeted analytics based on real-time customer transaction behavior.
The broad suite of differentiated offerings will enable Mozido to effectively serve a broad base of consumers--both banked and unbanked--and connect them to the global financial ecosystem.
"Looking across many different countries and mobile payment schemes, we have found the most successful cases are those where the major parties involved - MNOs, financial institutions, and retailers - have formed alliances aimed at combining their strengths," said Aaron McPherson, Practice Director, Worldwide Payment Strategies at IDC Financial Insights. "We find this naturally leads to support for multiple devices, operating systems and payment methods, which maximizes the number of consumers and retailers that can use the service on day one, helping overcome the natural barriers to adoption of a new payment scheme."
"Strategic partnerships play an essential role in Mozido's global growth strategy. By leveraging TCS' expertise in our focus sectors of banking and finance, retail, consumer packaged goods, and government/public sector, as well as their dominant presence in our target regions, Mozido will be able to accelerate our global expansion in an extremely competitive space. Mozido and TCS' global reach will enable this partnership to establish a commanding position in the market," said Mozido's Chairman, Richard Braddock.
"I could not think of a better strategic partner than TCS," said Diane Sanchez, Executive Vice President and President of Global Operations, Mozido. "By leveraging TCS' expertise in multi-channel retail technology and its global presence, Mozido can even more effectively serve clients with a robust suite of transactional payment and loyalty capabilities."
Further details will be provided in future press releases.
Dallas-based Mozido is a leading global provider of a low-cost, white-labeled, cloud based multi-channel financial services ("mFS") platform for mobile network operators, financial institutions and retailers. Mozido customizes and creates multiple and scalable mobile wallet solutions that allow clients to provide their customers the ability to transfer money, make payments and conduct financial transactions. For more information, visit us at www.mozido.com
About Tata Consultancy Services
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 238,583 of the world's best-trained consultants in 42 countries. The company generated consolidated revenues of US $10.17 billion for year ended March 31, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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