Companies & Sectors
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.

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COMMENTS

Vikas Gupta

4 years ago

IRDA should never allow LIC as an Exception. Why it should be allowed differently? Rather, it should be audited more seriously as it has got maximum share of Deposits of Common People. Its ONGC Bidding should also be probed seriously as its the hard eaned money of Common People.

rebello sunil

4 years ago

this is another loot that our leaders in power are trying to impose on the poor masses of india.
the cash rich psu cows are being milked dry to satisfy their never ending money grabbing ways.
before it was the raja's & maharaja's who looted india and now it is our political bosses.
God can only save India

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HDFC ERGO launches weather insurance for Maharashtra farmers

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.

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