My Mobile launches money-on-mobile payment services
With money-on-mobile a subscriber can buy a variety of goods and services like pre-paid mobile recharge, DTH recharge, paying up utility bills, and airline, bus and movie ticket reservation
Mumbai: My Mobile Payments Ltd (MMPL), a mobile payment service provider, on Tuesday launched its m-wallet service titled as 'Money-on-Mobile' (MoM). MoM facilitates mobile phone subscribers to purchase a wide range of products, reports PTI.
Through this service, a mobile phone subscriber can buy a variety of goods and services like pre-paid mobile recharge, DTH recharge, paying up utility bills, and airline, bus and movie ticket reservation among others.
"This service is operator and bank agnostic. So, a mobile subscriber, who uses service from any service provider, can use the 'money-on-mobile' facility," Shashank Joshi, managing director of Money-on-Mobile, told reporters.
He also said that given the widespread use of mobile in the country, mobile payment is the next big alternative payment method.
MoM was launched by the company in the business-to-business segment in 2010 and the company received RBI's permission in 2011 to offer the semi-closed m-wallet for the consumer market nationally.
According to the company, the company has a network of 82,000 retailer points across 300 cities with 5 lakh customers.
"We have tied up with all pre-paid mobile operators, six DTH service providers, all airlines, multiplexes in 100 cities among others," Joshi said.
The company also said that it has received around $29.7 million (around Rs150 crore) from US based Calpian Inc, which is also associated with the electronic payment processing business.
"While around $9.7 million is cash committment from Calpian, rest is through stock commitment," Joshi said adding that the US based company holds minority stake in the MoM.
More in Moneylife
Banks Vs Depositors +4681 views
TODAY'S TOP STORIES
Moneylife Foundation event on decoding the realty regulator
- Banks Vs Depositors
- FIR against godman Brahmrishi Kumarswami
- FIPB defers decision on Jet-Etihad deal; Telenor gets go-ahead
- WPI-based Inflation eases to 4.7% in May
- I-T dept issues Rs816 crore demand notice on Wipro
- Government rectifies IIP data to 2.2% within 24 hours
- Naxals attack Dhanbad-Patna train, kills RPF jawan
- SEBI seeks details of Infosys board meeting of 1st June
- NSE to suspend trading in KS Oils, Abhishek Corp from 21st June
- Amway India chief, two others arrested under PCMCS Act. What about other MLMs?
- TDS on bank deposits: RBI’s advice to acknowledge 15-G/15-H is only half a step
- Corporate Governance: Convenience Rules with Infy Too
- Credit Sudhaar asking Rs16,000 a year for restoring 'credit'?
- Governance Deficit in Infosys?
- “Banks should not be selling third-party products,” RBI deputy governor
- Someone knew Narayana Murthy is coming back and traded on it
- Voila! A demand draft is bounced!
- Many messy reasons why people prefer gold. Can the FM remove them?
- Mango: Our Super Functional Food
- Suicides: Thousands of helpless men are victimized every year, says SIFF
- When Narayana Murthy walked the talk on Good Governance
- HDFC Bank pitches toxic product to NRIs
- A yield of 19.4%?
- Exclusive: Here is the Real Estate Bill, kept hidden from public
- Monitoring politically exposed persons: Need for a new approach by RBI
- Moneylife Impact: Now pay online for your passport; challan option also available
What's your say?
What you said
Thanks for casting your votes! View Previous Polls