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IT services company Tech Mahindra has launched a mobile wallet called MoboMoney, which uses a near field communication (NFC) tag to pay merchants who have NFC enabled POS’ and other NFC enabled mobile phones, reports ET.
Users can use MoboMoney to pay at offline as well as online retailers, while those who do not have NFC enabled on their phones only need to tap the tag on the merchant POS to pay for their goods. The wallet is available as an Android app.
Users can also load money into the wallet through credit and debit cards along with net banking and use that money to make over the counter payments, utility bills, and mobile and DTH recharges. The ET report cites that the company plans to focus on the top 6 metros in the country over the next year and have 1 million merchants who will accept MoboMoney as a method of payment by 2020.
As of now, the company supports mobile recharges from Airtel, Vodafone, Idea, Aircel, Reliance, Tata Indicom, BSNL and MTNL, and DTH recharges of Videocon D2H, Tata Sky, Sun Direct and Airtel DTH. It currently accepts offline payments in Delhi NCR with merchants who operate cyber cafes, grocery stores, pan shops, medicinal stores, college canteens and stationery stores among others.
The solution also works at certain parking spots where users can tap their tags to pay for parking, eradicating the need for cash and paper receipts. Users can have a maximum balance of Rs 10,000 in the MoboMoney wallet. Interestingly, the company says that the wallet is secure even if the user loses their NFC tag, because users will need a mobile PIN (MPIN) to carry out a transaction.
Payments bank: The company’s payment bank operation is expected to launch in the second half of 2016 under the Mahindra Group led by Tech Mahindra and Mahindra Finance. In August, Tech Mahindra, which operated MoboMoney as a prepaid instrument, got an in principle approval for a payment bank from the Reserve Bank of India.
ICICI partnership: In April, ICICI Bank launched a ‘Tap n Pay’ service which used NFC payments at merchants’ POS, with the help of Tech Mahindra who would provide the contactless payment solution. At that time, the solution was offered at large campuses of corporate offices, and ICICI Bank and Tech Mahindra planned to extend this service across the country.
Deals app: In November, Mahindra Comviva, Tech Mahindra’s mobility solutions arm, launched an Android and iOS app called Zerch, which offered local deals and product discovery in Bangalore and Delhi-NCR.
eCommerce: In September, the Mahindra group launched an ecommerce portal called M2all, where it would sell all Mahindra products and services. The ecommerce marketplace planned to add other manufacturers and sellers of ‘complementary’ products (like helmets, biking gear, accessories etc.) with time. Mahindra has tied up with CCAvenue for payments on its portal as of now.