Tech Mahindra, the digital arm of the Mahindra group, has launched India’s first contactless digital payment ecosystem, MoboMoney. The prepaid wallet, MoboMoney, can be used to ‘Tap n Pay’ on a network of NFC (Near-Field Communication) enabled Merchant POS. With this, customers without an NFC-enabled phone can also use the Tap n Pay to purchase goods.
“India’s first commercial NFC ecosystem rollout, MoboMoney allows consumers to load their wallet by paying cash at its over 1,000 retail network, helping convert cash into e-cash. The money loaded into the customers’ digital wallets can then be used to Tap n Pay for over the counter payments, recharges, make bill payments, etc,” the company said in a statement.
Jagdish Mitra, Chief Strategy and Marketing Officer, Head of Growth Factories, Tech Mahindra, 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.”
Vivek Chandok, Head–Consumer Businesses, Tech Mahindra, said, “In our endeavor towards a less-cash environment, we are taking the lead to set up an ecosystem, wherein digital payments can be accepted irrespective of form factors or service providers in an inter-operable and device-agnostic manner.”
Having over six years of experience in business journalism, Krishna has a knack for writing on telecom and IT. She believes that tryst with technology is the best thing that has ever happened to the mankind. Krishna is a telecom analyst with CMR