My 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 Mr. 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% 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 thus empowering them to - 'Stop at nothing. Pay for anything'.", he added.
MMPL recently appointed Mr. M. S. Sundara Rajan and Mr. Sushil Poddar as Non-executive directors, into the MMPL family. Prior to joining MMPL, Mr. Rajan was the Chairman & Managing Director of Indian Bank and brings to the organisation over 35 years of banking and finance expertise. He has been ranked No.2 among the CEOs of Nationalised Banks and No.6 among CEOs of Commercial banks in the Economic Times India Inc's most powerful CEOs list (2009). Mr. Sushil Poddar, known for his dynamism, headed 'The Happy Group', an ISO 9001: 2008 Certified Organisation that revolutionized the Information Technology, Education and Entertainment Industry in Eastern India.