My Mobile Payments gets RBI nod for ‘Money on Mobile’

Mumbai-based mobile payment service provider My Mobile Payments Ltd (MMPL) has received the Reserve Bank of India approval to launch financial services on mobile phones. ‘Money on Mobile’ (MoM) is an electronic prepaid payment instrument for the mobile phone, which is set to launch its services for the Indian market this December. mom-1 Speaking on this development Shashank M. Joshi, MD, MMPL, said, “We are elated that we’ve been granted the licence to offer the semi-closed m-wallet by the RBI. This means that by December, consumers can load their mobile phones with prepaid cash and use this virtual money to purchase goods and services at retail outlets. Retailers and kirana stores across the country will act as a loading point for MoM.” MMPL has tied up with over 36,000 retailers pan-India and has a presence in over 200 cities. MoM offers mobile phone users the flexibility and convenience to top up their talk time, DTH account, buy air, bus or movie tickets anytime, anywhere using the mobile platform. MoM service operates independent of the consumer’s mobile operator or bank, and hence any mobile subscriber can avail of its services. “Started in India over a year ago, MMPL is determined to turn RBI’s desire into reality of converting 70% of the country’s financial transactions to electronic by 2012.”

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