Question: Which of the following companies has launched contactless digital payment wallet – MoboMoney?
(c) Tech Mahindra
- On 23 December 2015, Tech Mahindra has announced the launch of ‘MoboMoney’, a first of its kind ‘Tap N Pay’ contact less digital payment solution for the Indian masses.
- MoboMoney is a prepaid wallet issued in the form of a NFC (Near Field Communication) contact less tag that could be used to ‘Tap N Pay’ for goods and services.
- This ‘Tap N Pay’ facility would be available on a network of NFC enabled merchant point of sale machines.
- Customers without an NFC-enabled phone too could enjoy the ‘Tap n Pay’ experience to purchase goods.
- Regarded as 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 customer’s digital wallets can then be used to ‘Tap N Pay’ for over the counter payments, recharges, make bill payments, as well as pay online.
- It should be noted that earlier in 2015, Reserve Bank of India has granted a license to the Tech Mahindra Limited for Payment banks.