My Mobile Payments (MMPL) has received the RBI’s go-ahead to launch financial
services on mobile phones.

The company is set to launch its Money on Mobile (MoM), an electronic prepaid
payment instrument for the mobile phone, for the Indian market this December.

“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,” said Shashank M Joshi, MD of MMPL.

MMPL has already 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 percent of the country’s financial transactions to
electronic by 2012.

“We have a dedicated team of 75 employees across India that is committed
to ensuring consumers the ability to make safe, convenient and flexible
payments,” Joshi added.

By Telecomlead.com Team
[email protected]