Tech Mahindra Forays Into Mobile Wallet Space
Technology major Tech Mahindra Ltd, has forayed into the mobile wallet space. The contact-less wallet, called MoboMoney, is a prepaid tap-n-pay payment solution which is based on NFC (Near Field Communication) technology which allows radio communication between two NFC enabled devices. Customers need not use an NFC-enabled phone to pay for buying goods, and can just tap their MoboMoney tag on the merchant point-of-sale to make payments.
Customers can load money onto the MoboMoney wallet via credit card, debit card or net banking which can then be used to pay for over-the-counter payments, recharges, make bill payments, as well as pay online, according to a statement by the $3.9 billion IT company.
Jagdish Mitra, Chief Strategy & Marketing Officer, Head of Growth Factories, Tech Mahindra Ltd., said, “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. To this end, Tech Mahindra leverages its strong technology background and global experience in executing Digital Payment solutions.We have embarked on a journey to enable 1 million points of acceptance for MoboMoney over the next five years.”
Vivek Chandok, Head – Consumer Businesses, Tech Mahindra Ltd. said, “In our endeavor towards a less-cash environment, we are taking the lead to setup an ecosystem, wherein digital payments can be accepted irrespective of form factors or service providers in an inter-operable and device-agnostic manner. 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.”
According to sources, Tech Mahindra’s payment bank operations are expected to be launched in the second half of 2016. The bank will be an independent unit under the $ 16.9 billion Mahindra Group led by Tech Mahindra and Mahindra Finance, a rural NBFC, as equal contributors to the new entity.
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