Tech Mahindras MoboMoney is a prepaid wallet issued in the form of a NFC tag (a small sticker chip that works on the NFC technology). The technology allows radio communication between two NFC-enabled devices. The tag is linked to the MoboMoney account.
To make a payment, all one needs to do is tap the MoboMoney tag on a network of NFC-enabled merchant point-of-sale location.
MoboMoney allows consumers to load their wallet by paying cash at its approximately 1000 retail locations, helping convert cash into e-cash.
The money loaded into the customers digital wallets can be used to Tap n Pay for counter payments, recharges, bill payments, as well as pay online.
Customers can also link a bank account to the MoboMoney wallet and can retrieve the unspent amount from the wallet into the linked bank account.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now