Tech Mahindra has launched the India’s first contactless digital payment ecosystem – MoboMoney. MoboMoney is a prepaid walled issued to merchant and it in the form of NFC (Near-Fied Communication) Contactless Tag. Moto Money can be used to “Tap-n-Pay” on a network of NFC enabled Metchant POS and allowing customers without an NFC-enabled phone to enjoy the simple tap & pay experience to purchase goods.
Commenting on the launch, Mr. Jagdish Mitra, Chief Strategy & Marketing Officer, Head of Growth Factories, Tech Mahindra Ltd., said:
“Enabling Digital Payments in a country largely driven by cash presents a huge socio–economic opportunity to bring a positive change in the country’s financial system. To this end, Tech Mahindra leverages its strong technology background and global experience in executing Digital Payment solutions. We have embarked on a journey to enable 1 million points of acceptance for MoboMoney over the next five years.”
Adding further, Mr. Vivek Chandok, Head – Consumer Businesses, Tech Mahindra Ltd. said:
“In our endeavor towards a less-cash environment, we are taking the lead to setup an ecosystem, wherein digital payments can be accepted irrespective of form factors or service providers in an inter-operable and device-agnostic manner. The simplicity is in the Tap and Pay experience as against remembering complex syntax or having any knowledge of using the Internet or mobile application. It works irrespective whether it’s a smart phone or a feature phone.”
With the increasing penetration of NFC enabled Mobile Devices, Mobo Money Wallet application will be available soon to use. MoboMoney allow consumers to load their wallet by paying cash and it is accepted at 1000+ retail network. It helps to convert cash into e-cash. While using Mobo Money, the money loaded into customer’s digital wallets and later on it can be used to Tap-n-Pay over counter payments, recharges, make bill payments, as well as pay online. The Mobo Money convert payments done in cash into digital payments. If the user wishes, then they can link a bank account to the MoboMoney wallet and retrieve the unspent amount from the wallet into the linked bank account.
