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.
MoboMoney is a prepaid wallet, issued in the form of an NFC (Near-Field Communication) contactless tag.
It can be used to ‘Tap n Pay’ on a network of NFC-enabled merchant point-of-sale device.
Consumers can load their wallet by paying cash at the merchants as well as using their credit/debit cards and Internet banking.
The money loaded to make over the counter payments, recharges, bill payments, as well as online purchases.
About Near field communication (NFC) NFC is a short-range high frequency wireless communication technology. It basically is a set of protocols that enable two electronic devices (one usually us a portable device such as a smartphone) to establish radio data communication with each other by bringing them closer typically, 10 cm (4 in) from each other.