MoboMoney

MoboMoney

Question: Which of the following companies has launched contactless digital payment wallet – MoboMoney? 

(a) Infosys
(b) Satyam
(c) Tech Mahindra
(d) TCS

Ans (c)

Related facts:

  • 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.

Reference:

http://www.techmahindra.com/media/press_releases/Mahindra-Group-launches-MoboMoney.aspx

http://www.thehindubusinessline.com/info-tech/tech-mahindra-launches-contactless-wallet-mobomoney/article8022128.ece

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