Tech Mahindra has now launched a new mobile payment system named MoboMoney. Tech Mahindra is an Indian MNC company that deals in information tech, consulting, networking technology solutions and digital transformation. The company is latest entrant in the contactless mobile payment space.
MoboMoney is a prepaid NFC enabled contactless payment system that allows users to pay for their purchase by single tap. Users can use the mobile payment system on their POS/NFC enabled phone to pay the bill for their purchase.
The chief Strategy and Marketing Officer at Tech Mahindra Limited, Jagdish Mitra said about the development, “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. We have embarked on a journey to enable 1 Mn points of acceptance for MoboMoney over the next five years.”
Interested customers can add money to the MoboMoney wallet by paying in cash at more than 1000 retail networks of Mahindra. Once money is loaded in the wallet, customers can pay for various things via one tap. It can be used for paying bill, recharges, online payment as well as on counter payment. MoboMoney users can also link their bank account to the wallet in case they want to refill the wallet. Consumers can transfer unused money to their linked bank accounts if they want.
The Head Consumer Businesses at Tech Mahindra, Vivek Chandok said about the MoboMoney, “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,”