My Mobile Payments Ltd (MMPL) has introduced its new M-wallet service for Indian users, called Money-on-Mobile. Though the trend of mobile money is still at a nascent stage, it is expected to grow with the increasing number of mobile devices. This service, for the Indian market allows mobile phone subscribers to purchase a wide range of goods and services through their phone, instead of paying by cash, cheque, debit or credit cards.
Yet another mobile money service…
Firstly, the Money-on-Mobile service operators are independent of the user’s mobile operator or bank. So, any mobile subscriber can enroll for the service through an SMS or the mobile app-based program. The user can load the device with any amount of money, but the minimum should be 20. The virtual money can be used for prepaid mobile recharges and DTH recharge, paying postpaid mobile bills, utility bills, like electricity and gas and also to purchase airline, bus and movie tickets.
Money-on-Mobile was earlier launched for the B2B market in India in 2010. Then, in the year 2011, the service received RBI’s permission to offer the semi-closed m-wallet for the consumer market across the nation. Now, it has a network of 82,000 retailer touch points pan-India and a presence in across 300 cities. The service has about 500,000 subscribers and touts a business volume of Rs 20 million per day.
Elated about the entry in the consumer market, Shashank Joshi, Managing Director of Money-on-Mobile expressed, “We are happy to launch our services in one of the fastest growing mobile markets. 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% of the financial transactions paperless by end of 2012. MOM is committed to ensuring consumers the ability to make safe, convenient and flexible payments thus empowering them to – Stop at nothing. Pay for anything.”
It recently received a funding of $29.7 million from Calpian, Inc., a Dallas, Texas-based U.S. public company. The company currently has 150 employees and is looking to add over 2,00,000 retail touch points to its network by end the of this year.
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