- India’s first contact-less digital payment eco-system

- Converts Cash into e-cash – i.e, 90 % of payment market

- India’s First commercial rollout of NFC (Near Field Communication) for an ecosystem

- E-wallet in the form of NFC tag – linked to mobile number – issued on the spot, for ‘tap n pay’ at the merchant

  point equipped with NFC POS terminal

- Target – Merchant ecosystem comprising kirana and grocery stores, chemists, restaurants and any store that

  currently accept cash for  payment.

- Digital payments enable merchants to save on indirect costs of cash handling

- Digital + Physical Strategy: Consumers conveniently top up their MoboMoney wallet by paying cash at an

  authorized retail outlets, or through net banking, debit or credit cards

- Vision - to enable One Million ‘MOBOMONEY SMART Payment Points’ in five years. 

Tech Mahindra Ltd. a specialist in digital transformation, consulting and business re-engineering, announced the launch of India’s first contactless digital payment ecosystem, branded MoboMoney.

MoboMoney 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.

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.

Mr. 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.”

Mr. Vivek Chandok, Head – Consumer Businesses, Tech Mahindra Ltd. said, “In our endeavor towards a less-cash environment, 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.”

About Tech Mahindra

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology services and solutions, enabling Enterprises, Associates and the Society to Rise™. We are a USD 3.9 billion company with 105,200+ professionals across 90 countries, helping over780+ global customers including Fortune 500 companies. Our innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value to our stakeholders. Tech Mahindra is also amongst the Fab 50 companies in Asia as per the Forbes 2014 List.

We are part of the USD 16.9 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.

Courtesy by www.newsvoir.com