Tech Mahindra Launches Digital Wallet, MoboMoney

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering, has launched a contactless digital payment ecosystem, named MoboMoney.

MoboMoney is a prepaid wallet issued in the form of an NFC (Near-Field Communication) Contactless Tag, which can be used to pay on a network of NFC enabled Merchant POS/NFC-enabled phone to provide a simple tap & pay experience to purchase goods.

Speaking on the development, 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. We have embarked on a journey to enable 1 Mn points of acceptance for MoboMoney over the next five years.”

MoboMoney allows consumers to load their wallet by paying cash at its 1000+ retail network, helping convert cash into e-cash. After the money gets loaded into the customers’ digital wallets, it can be used to Tap n pay for over the counter payments, recharges, make bill payments, as well as pay online.

Besides, MoboMoney also allows users to refill the wallet through consumer’s bank account by linking the wallet to the account in order to retrieve the unspent amount from the wallet into the linked bank account.

In order 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,” said Vivek Chandok, Head – Consumer Businesses, Tech Mahindra Ltd.

With the increasing penetration of NFC-enabled mobile devices, MoboMoney mobile wallet application will soon be available to use the embedded NFC capability of mobile devices along with other cutting edge technologies that would simplify and enhance the customers’ payment experience.

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.