Tech Mahindra, which got a mandate to start a payment bank from the Central Bank in August last year, has launched an electronic wallet called MoboMoney on Wednesday. It is the country’s first contact-less wallet, which works both at online as well as at brick and mortar stores.
Characteristics of MoboMoney
- MoboMoney is a prepaid wallet issued in the form of an NFC (Near-Field Communication) Contactless Tag.
- It can be used to pay on a network of NFC enabled Merchant POS or through an NFC enabled mobile phone.
- The money loaded into the customers’ digital wallets through retail outlets.
- It can be used to pay for over the counter payments, recharges, make bill payments, as well as pay online.
- There is also an option to refill the wallet through the bank account or credit/debit card and also link it to a bank account to retrieve the unspent amount from the wallet into the linked bank account.