Mumbai based mobile payment service provider – My Mobile Payments has received permission from Reserve Bank of India to launch financial services on mobile phones. “Money on Mobile” is an electronic prepaid payment instrument for mobile phone is set to launch its services in December 2011 in India.
“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 will act as a loading point for this” said Shashank Joshi, MD – My Mobile.
“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.
The company has entered into arrangements with over 36,000 retailers and has a presence in over 200 cities. It 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. The service operates independent of the consumers mobile operator or bank, and any mobile subscriber can avail of its services.