Tech Mahindra launches contactless wallet Mobo Money

Tech Mahindra launches contactless wallet Mobo Money

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Tech Mahindra launches contactless wallet Mobo Money

  • 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 Mobo Money.
  • 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, Mobo Money 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.

Key Facts About MOBO Money 

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  • India’s first contact-less digital payment eco-system
  • Converts Cash into e-cash – ie 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 accepts 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.