My Mobile Payments Receives RBI's Approval to Issue Mobile Wallet

My Mobile Payments, 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% 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.