24 December 2015 09:40:43 IST

Tech Mahindra launches ‘MoboMoney’

Digital payment platform targets 1 million points of acceptance in 5 years

Tech Mahindra has announced the launch of ‘MoboMoney’, a first of its kind ‘Tap N Pay’ contactless digital payment solution.

MoboMoney is a prepaid wallet, issued in the form of a NFC (Near Field Communication) contactless tag, which could be used to ‘Tap N Pay’ for goods and services.

This ‘Tap N Pay’ facility will be available on a network of NFC-enabled merchant point of sale machines.

How it functions Customers without NFC-enabled phones too can enjoy the ‘Tap n Pay’ experience to purchase goods.

Billed as India’s first commercial NFC ecosystem rollout, MoboMoney allows consumers to load their wallet by paying cash at its 1,000-plus retail network, helping convert cash into e-cash.

The money loaded into the customer’s digital wallets can then be used to ‘Tap N Pay’ for over the counter payments, recharges, make bill payments, as well as online payments.

Jagdish Mitra, Chief Strategy Officer and Head (Growth Factories), Tech Mahindra, said that enabling digital payments in a country largely driven by cash presents a huge socio-economic opportunity to bring a positive change in the 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 5 years,” Mitra said here on Wednesday.

Vivek Chandok, Head (Consumer Businesses), Tech Mahindra, said the company was taking the lead in setting up an ecosystem, wherein digital payments can be accepted irrespective of form factors or service providers, in an inter-operable and device-agnostic manner.

Simplicity “The simplicity is in the ‘Tap n Pay’ experience as against remembering complex syntax or having any knowledge of using the Internet or mobile application. It works irrespective of whether it’s a smartphone or a feature phone,” he said.

The merchant ecosystem targeted for ‘MoboMoney’ include Kirana and grocery stores, chemists, restaurants and any store that accepts cash for payment.