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02:54 AM | Thu, 25 Aug 2016

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MoboMoney Launches Sound Based Contactless Payments

202 Days ago

- MoboMoney ties-up with ToneTag for contactless payments using sound

- As part of Association to help MoboMoney scale its ecosystem to the next level

- Android users will soon be able download the application from Google Play Store

- The technology makes MoboMoney independent of any platform

- ToneTag enables MoboMoney to be used for offline payments without giving your mobile number and faster than a card   payment

 

Tech Mahindra, as part of its strategy to promote digital payments, announced the launch of India’s first commercial NFC enabled merchant payment network - MoboMoney. In order to enable a larger segment of merchants and consumers to participate in the digital payment ecosystem, MoboMoney has collaborated with ToneTag for the use of its patented technology that is integrated into the MoboMoney mobile application. This will allow consumers to pay using sound. For MoboMoney, this is another feature in addition to NFC that will take contactless payments to the masses.

 

ToneTag is a software development kit (SDK) that allows offline, contactless and secure  payments using sound as well as near-filed communication (NFC) depending upon the user device and retail POS hardware. As this technology enables contactless payments through sound-waves, there is no dependence on any specific platform and will enable payments on any device such as smartphones, EDC machines, POS (point of sale) devices, and even feature phones. Since there are no additional hardware requirements to use the technology, this will enable a wider and inclusive ecosystem in which the MoboMoney wallet can be accepted to make digital payments for both online and offline transactions. The payments using sound will work on the existing MoboMoney ecosystem as well.

 

ToneTag’s sound based proximity payment technology integrated into MoboMoney application reduces or eliminates the cost of accepting cashless proximity payments. It works on any mobile device and no Internet access is required on the user’s device at the time of initiating payment. A customer can even pay through his or her basic, feature phone using this technology. In addition to merchant payments this technology can facilitate peer-to-peer money transfer between two mobile devices. The consumer initiates the payment and the merchant accepts, leading to data transfer using audible or inaudible sound frequencies.

 

The MoboMoney application has been designed to ensure a secure transaction with multiple layers of encryption. Since the technology is also compatible with legacy POS terminals, it enables proximity payments to work on existing 1.2 million POS terminal network in India, without the need to upgrade the terminals to contactless NFC devices. It would also bring the opportunity to make around 14 million merchants in India to accept cashless, digital payments on their phones with minimal or no investments.

 

Outlining the ease of access this collaboration brings to the table, Mr. Vivek Chandok, Head – Consumer Business, Tech Mahindra Ltd., said “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.”

 

“Earlier it required a physical POS terminal or NFC enabled phone at merchant end and NFC tag or NFC phone at consumer end, in order to enable contactless payments. This will allow end-users with Android-enabled low cost smartphones to start accepting (Merchant end) and making (Consumer end) digital payments, by simply going to Google Play Store and downloading the mobile application. The technology can also be used, in future, to simplify the peer-to-peer money transfer experience with users just needing to tap their smartphones in which the MoboMoney application is installed”.

 

Kumar Abhishek, Chief Executive Officer of ToneTag said, “MoboMoney and ToneTag have come together to expand the digital payment ecosystem by enabling any user equipped with a feature phone or smartphone to accept or make contactless payments. This has the potential to disrupt the payments industry by enabling 1 billion-plus consumers to make offline payments using their mobile phone in a simpler and convenient way.”

 

About MoboMoney

MoboMoney is India’s first contactless digital payment ecosystem by Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering.  MoboMoney allows consumers to load their wallet by paying cash at its 1000+ retail network, helping convert cash into e-cash, the consumer can also load their wallets through online banking, debit or credit card. The money loaded into the customers’ digital wallets can then be used to Tap n pay for over the counter payments, recharges, make bill payments, as well as pay online - converting what were earlier payments done in cash, into digital payments.

 

If the user wishes, he / she can link a bank account to the MoboMoney wallet and can retrieve the unspent amount from the wallet into the linked bank account. With the increasing penetration of NFC enabled Mobile Devices, MoboMoney Mobile Wallet application will soon be available to use the embedded NFC capability of mobile devices along with other cutting edge technologies that would simplify and enhance the customers’ payment experience.

 

About Tech Mahindra

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology services and solutions, enabling Enterprises, Associates and the Society to Rise™. We are a USD 3.9 billion company with 105,200+ professionals across 90 countries, helping over780+ global customers including Fortune 500 companies. Our innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value to our stakeholders. Tech Mahindra is also amongst the Fab 50 companies in Asia as per the Forbes 2014 List.

 

We are part of the USD 16.9 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractorsutility vehicles, after-market, information technology and vacation ownership.

 

About ToneTag

ToneTag is a contactless product from Naffa Innovations, a disruptive innovation to deliver contactless payments using sound waves, thereby enabling every mobile phone including feature phones to be able to do digital payment. ToneTag is available as SDK and could integrate with an existing mobile application to support wallet based, IMPS, card on file or HCE based card present mobile payments.

 

Disclaimer

Certain statements in this release concerning the future prospects of Tech Mahindra Limited (“the Company” or “TechM”) are forward-looking statements. These statements by their nature involve risks and uncertainties that could cause the Company’s actual results differ materially from such forward looking statements. The Company, from time to time, makes written and oral forward-looking statements based on information available with the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company

 

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