According to a press release, Mobo Money is a prepaid wallet issued in the form of an NFC (near-field communication) contactless tag. It can be used to ‘Tap n Pay’ on a network of NFC-enabled Merchant POS, thus allowing customers without an NFC-enabled phone to enjoy the simple tap and pay experience to purchase goods.
Further, with the increasing penetration of NFC-enabled mobile devices, MoboMoney mobile wallet application will soon be available to use the embedded NFC capability of mobile devices along with other cutting edge technologies that would simplify and enhance the customers’ payment experience.
The press release said, MoboMoney allows consumers to load their wallet by paying cash at its 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, as well as pay online – converting what were earlier payments done in cash, into digital payments.
Jagdish Mitra, Chief Strategy & Marketing Officer, Head of Growth Factories, Tech Mahindra Ltd., 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 Ltd. said, “We are taking the lead to setup 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 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.”