Tech Mahindra announced the launch of a near field communication (NFC)-enabled merchant payment network called MoboMoney. The newly launched digital payment network has tied up with ToneTag for the use of its technology. This will allow consumers to pay using sound.
NFC lets users make contactless transactions. So, phones can be flashed at point of sale devices, a PIN entered and the transaction is completed. Tonetag's technology, the company said, enables contactless payments through sound-waves, which makes the it independent of platforms such as smartphones, EDC machines, POS devices.
"With close to 1 billion mobile consumers and a large population of consumers even in rural areas now owning smartphones, we plan to rapidly expand the offline payment ecosystem for a seamless payment experience. This association will simplify the user experience wherein customers and merchants can directly download the MoboMoney mobile application integrated with ToneTag SDK to start making and accepting digital payments," said Vivek Chandok, Head — Consumer Business, Tech Mahindra.
The technology is also compatible with legacy POS terminals so the 1.2 million will not need an upgrade, a statement said.