Here comes India’s first contactless digital payment ecosystem from Mahindra group!

By December 23rd, 2015 AT 5:07 PM

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.

mobo-money

“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

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Narasimha SwamyDUANE Recent comment authors
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DUANE
DUANE

Mobo Money is a great facility for those who want to avoid cash and bills too…. Ive been using same at my Bank since early 2014, and Im really glad to see ibeing made available to the public in end 2015.

Narasimha Swamy
Narasimha Swamy

Duane Are you a TechM Employee ?

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