Indian IT major Tech Mahindra has launched a new NFC-based contactless digital payment ecosystem, called MoboMoney.

Issued as an NFC (Near-Field Communication) Contactless Tag, the mobile wallet can be used to Tap n Pay on a network of NFC enabled merchant POS or through an NFC enabled mobile phone.

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The company said that MoboMoney mobile wallet application will soon be available to use the embedded NFC capability of mobile devices to simplify and enhance the customers’ payment experience.

Using MoboMoney, consumers could load their digital wallets through Mahindra’s 1000+ retail network, including grocery stores, chemists, restaurants and any store that currently accepts cash for payment.

Users can top up their wallets by paying cash at an authorized retail outlets, or through net banking, debit or credit cards.

The money loaded into the wallet can be used to make over the counter payments, utility bills, and mobile and DTH recharges, as well as pay online.

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Additionally, consumers will also have the option to link a bank account to the MoboMoney wallet and get back the unspent amount from the wallet into the linked bank account.

The company targets to have one million MoboMoney smart payment points on its platform in the next five years.

Tech Mahindra head consumer businesses Vivek Chandok said: "The simplicity is in the Tap and Pay experience as against remembering complex syntax or having any knowledge of using the Internet or mobile application. It works irrespective whether it’s a smart phone or a feature phone."