Comviva to lead MasterCard’s worldwide mobile money partnership program

The mobile money partnership program will address the need of consumers in developing markets through a readily accessible device, the mobile phone.

Comviva announced a strategic partnership with MasterCard to launch a first-of-its-kind open loop mobile money partnership program. Working together, Comviva and MasterCard will help the more than 2.5 billion financially underserved consumers globally to gain access to mainstream financial services – via their mobile phone.

Building upon its leadership in technology, Comviva has created a solid ecosystem of trusted business relationships and symbiotic partnerships. This has enabled Comviva to deploy a large number of Mobile commerce solutions across the globe. Comviva’s mobile money and recharge is a multi award winning mobile financial solution that has already crossed over 55 deployments, 490 million subscribers in 38 countries. With this service mobile users can quickly, easily and safely access a range of financial payment services. It also provides multiple proven integrations – including payment, banking, credit card and ATM switches and systems.

Commenting on this strategic partnership with MasterCard, Manoranjan Mohapatra, CEO, Comviva said, “With our established leadership in empowering technology across geographies, we are thrilled to support MasterCard’s first-of-its-kind open loop mobile money partnership program. In emerging markets we are a partner of choice for MasterCard to cater to under-banked segments with intuitive financial services. With mobile financial services turning into a key business strategy for banks and telecom vendors, this program will also give the right impetus to financial and social inclusion.”

“With about five billion mobile phone users worldwide, this partnership program provides powerful, smart and convenient new payment options to people through a device that’s already in the palm of their hands today. To ensure success of this program, MasterCard has partnered with the leading players in the mobile money ecosystem. Comviva was a key partner of choice to empower billions of underserved segments in the developing market,” said Mung Ki Woo, group executive, mobile, MasterCard Worldwide.

The mobile money partnership program will address the need of consumers in developing markets through a readily accessible device, the mobile phone. Comviva will work with MasterCard to enable global consumers to purchase goods and services via their mobile phone at millions of physical and online merchants, as well as transfer funds and pay bills. According to Juniper Research, the combined market for all types of mobile payments is expected to reach more than USD 600 billion globally by 2013, which is double the current figure.

Stored value accounts, primarily managed by mobile network operators and supported by banks, offer basic services such as mobile top-up, bill payments and P2P payments within the network. Through this partnership, Comviva and MasterCard aim to help mobile network operators and financial institutions to accelerate the development of their financial services offerings to their customers.


IDFC plans India’s first infrastructure debt fund through mutual fund route

IDFC infrastructure debt fund shall have a minimum tenor of five years and not greater than 15 years from the date of allotment of units. 

IDFC plans to launch India’s first infrastructure debt fund through MF route and has filed an offer document with SEBI.

The framework for establishment of Infrastructure Debt Funds (IDFs) was announced by the Finance Minister in the Union budget 2011, wherein IDFs were allowed to be set up either structured as an NBFC or as a mutual fund. IDFC MF has done the filing with SEBI through the MF route. IDFs are a novel attempt to address the issue of sourcing long term debt for infrastructure projects.  

IDFC infrastructure debt fund   shall have a minimum tenor of five years and not greater than 15 years from the date of allotment of units.  The investment objective of the scheme is to seek to generate income and capital appreciation by investing primarily in a portfolio of infrastructure debt instruments. The corpus under the IDF will be invested in debt securities, bank loan and securitized debt instruments.

Dr Rajiv Lall, MD & CEO, IDFC said “Investors are looking at fixed income products which can offer superior returns IDF would offer investors a debt product with superior return. Through the IDF, we would be able to create an instrument which allows capital markets to invest in Infrastructure debt, thereby freeing balance sheets of banks and allowing intermediation of funds in the infrastructure sector.

“People are looking for products that offer superior returns, without volatility associated with equity markets.  Infra debt which is very different from volatile infra equity has ability to offer superior return with safety. Large number of HNIs would be potential investor in a debt fund. IDF would offer stable returns for long term making it better product than fixed deposits,” he added.


Market on a firm uptrend: Tuesday Closing Report

The Nifty’s next move is to 5,495 and then to 5,610

Sustained buying by institutional investors and a positive global trend led the market higher for the third successive day. This was also the third successive day that the Nifty made a higher high and higher low. We may now see the benchmark reaching the level of 5,495 and further to 5,610. The National Stock Exchange (NSE) saw a much higher volume of 80.09 crore shares, underlining bullishness.  

Extending its gains for the third day, the market opened on a firm note on positive cues from its Asian peers. The US markets closed flat ahead of the Federal Open Market Committee (FOMC) meeting, which is expected to announce its monetary policy decision later today. Back home, the Nifty opened at 5391, up 31 points over its previous close, and the Sensex gained 92 points to resume trade at 17680. The opening figures on both benchmarks were their intraday lows.

Across-the-board buying since the start of the session saw all sectoral gauged in the green in early trade. The market traded sideways in the positive for the entire session with the indices hitting their intraday highs in post-noon trade. At the highs, the Nifty touched 5,439 and the Sensex scaled 17,843.

The RBI’s move to boost liquidity through the CRR cut last week helped rate-sensitive sectors like metals, oil & gas, realty and power log good gains. The market finally closed near the highs of the day. The Nifty settled 70 points higher at 5,430 and the Sensex surged 226 points to end trade at 17,814.

The advance-decline ratio on the NSE was positive at 1203:590.

Among the broader indices, the BSE Mid-cap index gained 1.21% and the BSE Small-cap index rose 1.03%.

All sectoral indices settled higher today led by BSE Metal (up 3.01%). It was followed by BSE Oil & Gas (up 2.60%); BSE Realty (up 2.11%); BSE Power (up 1.52%) and BSE Capital Goods (up 1.51%).

Sterlite Industries (up 5.06%); GAIL India (up 4.50%); Jindal Steel (up 3.80%); ONGC (up 3.42%) and Reliance Industries (up 2.72%) were the top gainers on the Sensex. The major losers were Wipro (down 1.29%); Mahindra & Mahindra (down 1%); Bajaj Auto (down 0.43%); Tata Motors (down 0.21%) and ICICI Bank (down 0.01%).

The top performers on the Nifty were Sterlite Ind (up 5.18%); Sesa Goa (up 5.16%); SAIL (up 5.03%); GAIL India (up 4.53%) and Jaiprakash Associates (up 4.39%). The main laggards were Wipro (down 1.66%); M&M, Reliance Infrastructure (down 0.93% each); Tata Motors (down 0.49%) and HCL Technologies (down 0.07%).

Asian markets settled mostly higher on hopes that European policymakers will finalise a second bailout for Greece. Besides, likelihood of the US Fed keeping interest rates unchanged also supported investor sentiment.

 The Hang Seng climbed 0.97%; the Jakarta Composite rose 0.53%; the Nikkei 225 added 0.09%; the Straits Times gained 0.91%; the Seoul Composite advanced 1.13% and the Taiwan Weighted surged 1.31%. Bucking the trend, the Shanghai Composite lost 0.19% and the KLSE Composite settled 0.05% lower. At the time of writing, the key European markets were up between 0.77% and 1.11% on positive economic news from Germany. At the same time, the US stock futures were in the green, ahead of the Fed announcement.

Back home, institutional investors—both foreign and domestic—were net buyers in the equities segment on Monday. While foreign institutional investors invested Rs1,298.64 crore in stocks, domestic institutional investors pumped in Rs203.32 crore in shares.

IT major Infosys has signed a multi-year, multi-million dollar contract with pharma major GlaxoSmithKline to optimize digital channels across its global consumer healthcare and pharmaceuticals business lines. The partnership will simplify and improve effectiveness of how GSK delivers digital content online, it said on Tuesday. Infosys gained 1.51% to close at Rs2,860.05 on the NSE.

Tata group's retail arm Trent today said its board has approved a proposal to raise up to Rs250 crore through placement of shares with institutional investors. The company's board has decided to open a QIP (Qualified Institutional Placement) issue of Rs225 crore with an option of hiking the size up to Rs 250 crore in aggregate, by way of issue of equity shares, Trent said in a filing to the BSE. The stock closed 1.895 higher at Rs924 on the NSE.

Compucom Software has been awarded an ICT project by Bihar State Educational Infrastructure Development Corporation (BSEIDC), valued at Rs46.71 crore. The project is for providing computer education on BOOT basis in 336 government schools in the state. With this order, the company now has 6,418 government schools under its umbrella across north India. The stock closed at Rs12.30 on the NSE, down 1.20% over its previous close.


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