#mobomoney

Tech Mahindra launches NFC-based wallet MoboMoney

Contactless payment through apps or sophisticated systems such as MoboMoney promise to make mobile transactions easier for retailers and customers in India.

Tech Mahindra, which got a mandate to start a payment bank from the Central Bank in August last year, has launched an electronic wallet called MoboMoney on Wednesday.

The company claims that it is the country’s first contact-less wallet, which works both at online as well as at brick and mortar stores.

Vivek Chandok, head – consumer businesses, Tech Mahindra said that the company is targeting 90 per cent of the economy which is based on cash instead of the 10 percent which already has access to the banking network.”

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 customers’ digital wallets can then be used to Tap n pay for over the counter payments, recharges, make bill payments, as well as pay online - converting what were earlier payments done in cash, into digital payments.

If the user wishes, he / she can link a bank account to the MoboMoney wallet and can retrieve the unspent amount from the wallet into the linked bank account.

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,” added Chandok. (SOURCE: The Economic Times)