Wallet is the new ecommerce and after Micromax announcing its foray, Tech Mahindra has entered the wallet business with the launch of MoboMoney, which is a contact-less wallet.
MoboMoney is a NFC based payment system which can be used to Tap n Pay on a network of NFC enabled Merchant POS. Customers need not use an NFC-enabled phone to pay for purchasing goods. MoboMoney enables customers to transact at over 1,000+ retail stores for over the counter payments or paying for electricity bills/ recharges etc.
In partnership with Mahindra Finance, the company aims to bring a million merchants partner over the next 5 years.
Mobomoney has been around for several months, but the biggest boost it gets this time around is the payment bank license it holds.