My Mobile Payments receives RBI’s approval to issue Mobile Wallet

Wednesday November 16, 2011,

2 min Read

My Mobile Payments receives RBI’s approval to issue Mobile Wallet

Mobile Payments Ltd (MMPL), a Mumbai-based mobile payment service provider, has received the RBI’s go-ahead to launch financial services on mobile phones. Money on Mobile (MoM), an electronic prepaid payment instrument for the mobile phone, is set to launch its services for the Indian market this December.Speaking on this development Shashank M Joshi, MD of MMPL said, “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.”

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 per cent 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 thereby empowering them to ‘stop at nothing. Pay for anything’”, he added.

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