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Tech Mahindra has announced the launch of ‘MoboMoney’, a first of its kind ‘Tap N Pay’ contactless digital payment solution for the Indian masses.
MoboMoney is a prepaid wallet issued in the form of a NFC (Near Field Communication) contactless tag that could be used to ‘Tap N Pay’ for goods and services.
This ‘Tap N Pay’ facility would be available on a network of NFC enabled merchant point of sale machines.
Customers without an NFC-enabled phone too could 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 1000+ 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 pay online.
Jagdish Mitra, Chief Strategy Officer & 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 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”, Mitra said here on Wednesday.
Vivek Chandok, Head-Consumer Businesses, Tech Mahindra said that the company was 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.
“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.
srivats.kr@thehindu.co.in
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