IT major Tech Mahindra has launched first of its kind Tap N Pay contactless digital payment wallet MoboMoney for the Indian masses.
MoboMoney has been billed as India’s first commercial NFC ecosystem rollout that would allow consumers to convert cash into e-cash for making payments.
Fact Punch
MoboMoney is a prepaid wallet issued in the form of a Near Field Communication (NFC) contactless tag that could be used to ‘Tap N Pay’ for goods and services.
This facility would be available on a network of NFC enabled merchant point of sale (POS) machines. Customers without an NFC-enabled phone also can enjoy this facility to purchase goods.
The e-money loaded into the customer’s digital wallets can then be used make payments, recharges, make bill payments as well as pay online.
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