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.
According to the RBI data, since March 2010, the number of zero balance accounts in India has doubled to 103.2 million while banking outlets increased to 1.47 lakh
The number of no-frills or zero-balance account holders more than doubled to 103.21 million in the year to 31 March 2012 from 49.33 million in March 2010, RBI (Reserve Bank of India) has said in its financial inclusion...
Weather Based Crop Insurance Scheme offers insurance cover to the farmers against losses caused by aberrant weather conditions during the crop cycle
HDFC ERGO GIC Ltd has been allowed by Government of Maharashtra to implement pilot Weather Based Crop Insurance Scheme (WBCIS) for loanee and non loanee farmers for mrig bahar in kharif 2012.
According to a press release from the insurer, the crops to be covered this season include orange in Akola and Buldhana, guava in Jalna and Buldhana and sweet lime in Aurangabad, Jalna, Nanded, Parbhani, Beed and Buldhana Districts.
WBCIS offers insurance cover to the farmers against losses caused by aberrant weather conditions during the crop cycle. Claim amount will be settled on the basis of data taken from reference weather stations as mentioned in the scheme and managed by independent third party organization.