Who: NFC-based wallet MoboMoney
What: Launched by Tech Mahindra
When: 23 December 2015
Tech Mahindra Limited on 23 December 2015 launched India’s first contactless digital payment ecosystem, branded MoboMoney.
The company claims that MoboMoney is the country’s first commercial rollout of Near Field Communication (NFC) technology, which allows radio communication between two NFC enabled devices.
Highlights of MoboMoney
• MoboMoney is a prepaid wallet issued in the form of an NFC Contactless Tag.
• It can be used to Tap n Pay on a network of NFC enabled Merchant point of sale, thus allowing customers without an NFC-enabled phone to enjoy the simple tap and pay experience to purchase goods.
• It 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.
• For the security of the customers, every transaction data is protected by stringent encryption measures.