Tech Mahindra launches contactless wallet MoboMoney

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.
Key facts

• MoboMoney is a prepaid wallet issued in the form of a Near Field Communication (NFC) contactless tag that could be used to ‘Tap N Pay’ for goods and services.
• This facility would be available on a network of NFC enabled merchant point of sale (POS) machines.
• Customers without an NFC-enabled phone also can enjoy this facility to purchase goods.
• The e-money loaded into the customer’s digital wallets 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. 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.

Month: Current Affairs - December, 2015