Contactless wallet MoboMoney has been launched by Tech Mahindra [ Current Affairs ]

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For the Indian masses IT major Tech Mahindra has launched first of its kind ‘Tap N Pay’ contactless digital payment wallet MoboMoney. MoboMoney is first it kind of wallet in India which has been billed as India’s first commercial NFC ecosystem rollouts that would allow consumers to convert cash into e-cash for making payments.

Key facts

  • As the form of a Near Field Communication (NFC) MoboMoney is issued as a prepaid wallet which is contactless tag that could be used to ‘Tap N Pay’ for goods and services.
  • On a network of NFC enabled merchant point of sale (POS) machines this facility will be available.
  • Customers whose phone does not support NFC can also use and enjoy this facility to purchase goods.
  • For that customer has to load e-money into their digital wallets and then they can then be used make payments, recharges, make bill payments as well as pay online.

About Near field communication (NFC)

  • NFC is a short-range high frequency wireless communication technology which enable two devices to establish radio data communication with each other when they are in range of 10 cm from each other

- Published on: December 29, 2015