Tech Mahindra has launched contactless digital payment ecosystem called MoboMoney in India.
MoboMoney, a prepaid wallet issued in the form of an NFC (Near-Field Communication) Contactless Tag, can be used to Tap n Pay on a network of NFC enabled Merchant POS. Customers need not use an NFC-enabled phone to pay for purchasing goods.
The Mumbai-based IT service provider will also launch MoboMoney Mobile Wallet application to use the embedded NFC capability of mobile devices along with other technologies to enhance the customers’ payment experience across the world.
MoboMoney allows consumers to pay cash at its 1000+ retail network to convert cash into e-cash to make payments, recharges, make bill payments, as well as pay online. Users can link a bank account to the MoboMoney wallet and can retrieve the unspent amount from the wallet into the linked bank account.
“We have embarked on a journey to enable 1 million points of acceptance for MoboMoney over the next five years,” said Jagdish Mitra, chief strategy and marketing officer, head of Growth Factories, Tech Mahindra.
Tech Mahindra has annual revenues of $3.9 billion with 105,200+ professionals across 90 countries, helping over780+ global customers including Fortune 500 companies.
Image caption: Jagdish Mitra, chief strategy and marketing officer, head of Growth Factories, Tech Mahindra (R) unveiling MoboMoney along with Vivek Chandok, head – Consumer Businesses, Tech Mahindra (L)