My Mobile Payments launches mobile wallet service in India
My Mobile Payments Ltd (MMPL), a mobile payment service provider has announced the launch of 'Money-on-Mobile' (MOM), a mobile wallet service that enables mobile phone subscribers to make payments for purchased goods and services via their mobile phones.
MOM was first launched for the B2B market in India in 2010 and last year the company received Reserve Bank of India's (RBI) permission to offer the semi-closed m-wallet service for the consumer market nationally.
Shashank Joshi, MD of Money-on-Mobile said, "In a country like India where mobile phones are more widespread than the financial systems, mobile payment is the next big alternative payment method. MOM does all paperless transactions and it is in line with RBI's vision of making 70 per cent of the financial transactions paperless by end of 2012."
MOM allows its users to load their mobile phones with cash of various denominations (starting from a minimum of Rs 20) at retail touch points and then use this virtual money to top-up any prepaid mobile or DTH recharge or pay post paid mobile bills, utility bills (like electricity and gas) and also purchase airline, bus and movie tickets.
Also, since the service operates independent of the consumer's mobile operator or bank, any mobile subscriber can avail the service through a SMS or mobile application-based platform. As of now, the company claims to have a network of 82,000 retailer touch points across the country and a presence in 300 cities. It also claims to have around 5 lakh subscribers and is enabling transactions of Rs 2 crore on a daily basis.
The service is focused on the unbanked market that has no alternative to payments except cash. "With 50 per cent of our population having no means to formal banking sources, a solution like MOM will boost financial inclusion in India," said Sundara Rajan, ex-CMD of Indian bank, who recently joined the MMPL board as a non-executive director.
The company, headquartered in Mumbai, has a team of 150 employees and is looking to add over 2 lakh retail touch points to its network by end of 2012.