Tecnotree has announced a new ‘intelligent wallet’ called Spark. Tecnotree Spark is essentially a payment platform that connects subscribers, businesses and partners in a single ecosystem, offering service providers a joined-up, personalised digital wallet and ecosystem experience for both existing and new customers.
Tecnotree argues that CSPs are ideally positioned to be ‘game changers’ in the mobile payment and financial services market – particularly in emerging markets. The company believes CSPs can create an entirely new business area for themselves, driving fintech transformation in the process.
The Spark platform provides the required technology to do so, combining four key components: Digital Wallet, Digital Banking, Intelligent Services Accelerator and Surge Microservices Accelerator. Tecnotree’s converged 5G charging framework and AI-enabled insights and recommendations can also be integrated into the platform.
This creates a self-onboarding solution that enables customers to house their digital wallets, banking and loyalty points in one place. Businesses can host their products and services on the digital m-commerce marketplace, which means they can reach new customers, with telecoms firms providing the onboarding, smart contracting and payment services.
The Spark platform delivers a trusted experience by using multi factor authentication methods (including biometric), as well as fraud and risk detection via AI-enabled algorithms. A tamper-proof audit trail is provided via a blockchain infrastructure.
Padma Ravichander, CEO of Tecnotree, comments: “Tecnotree Spark will help operators maximise their position as digital services providers, improve customer experience and boost revenue opportunities with tools to build a full 360 partner ecosystem.”
At Omnisperience we’re all about experience and this solution has the potential to solve a perennially annoying problem for customers – paying for things from smaller retailers or ad hoc, impulse buying online. Many customers don’t want to store payment details with a large number of retailers and online merchants because of the associated risk of doing so. And who hasn’t got a wallet full of loyalty cards that you forget to use or lose? At the same time, the effort in setting up new accounts and payment details means many customers abandon baskets, which is disastrous for retailers. Making it easier for customers to manage their money, payments and rewards in one place is smart; enabling service providers to play a pivotal role in that process is even smarter.