Telecom Lead India: My Mobile Payments (MMPL), a
mobile payment service provider, has introduced an M-Wallet service called
Money-on-Mobile (MOM).
The service enables a mobile phone subscriber to do
shopping using the mobile phone instead of paying by cash, cheque, debit or
credit cards.
In a country like India where mobile phones are more
widespread than the financial systems, mobile payment is the next big
alternative payment method. MOM does all paperless transactions and it is in
line with RBI’s vision of making 70% of the financial transactions paperless by
end of 2012,” said Shashank Joshi, managing director of Money-on-Mobile.
In 2010, the company launched MOM for the B2B market in
India and in the year 2011 received RBI’s permission to offer the semi-closed
m-wallet for the consumer market nationally.
The company claims that its MOM has 500,000 subscribers
with a business volume of INR 20 million per day.
MOM’s service operates independent of the consumer’s
mobile operator or bank, and hence any mobile subscriber can avail of its
services through the SMS or mobile application-based platform.
Calpian invests $29.7 million in mobile payments company
Money-on-Mobile
The U.S.-based Calpian has recently invested $29.7
million in MOM. We believe that MOM is well-positioned to take advantage of
the promising mobile payment market in India. Calpian’s management team has
been associated with the electronic payment processing business for the last
twenty-five years in the United States and we are glad to enter the Indian
market by partnering with MOM,” said Harold Montgomery, Chairman and CEO of
Calpian.
MMPL said that MOM is focused on the unbanked market that
has no alternate to payments except cash. In addition, the company has a
strong network of 82,000 retailer touch points pan-India and a presence in 300
cities.
Presently, MOM has a growing team of 150 employees and it
looks to add over 2, 00,000 retail touch points to its network by end of the
year.
