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.