Stop carrying cash. The power of mobile money is on the way for all Indian consumers. Mumbai-based mobile payment service provider, My Mobile Payments Ltd. (MMPL), is set to launch “Money on Mobile” (MoM) to facilitate electronic payments with a mobile phone.
What is Money-on-Mobile (MoM)
In simple term, MoM is an m-wallet facilitating all the mobile users in India to carry their bank accounts and debit/ credit cards on their mobile phone. Through this feature of it, now mobile users can make any payment for goods and services through the mobile phone such as mobile phone recharging, DTH recharging, buying travel tickets, sending money, and also receiving money from others.
How fast is Money-on-Mobile transactions
It is InstaPay. The MoM app guarantees of instant payments for any transaction. In other words, it is real time payment.
One personal account for all
Among friends and family just a single personal account is enough for all the transaction needs. Multiple friend and family accounts can be linked for gifting purposes, sending money, receiving money etc anytime, anywhere and from anyone.
Business benefits
For businesses and merchant establishments, the Money-on-Mobile is more than run-of-the-mill mobile payment network. It offers host of services after the signing up with it. The payment transactions security for products and services are taken to new level. It will empower the business financial process and boost business manifold in short span of time.
MoM in news
It is learned that the Money-on-Mobile may hit the Indian market by this December, after which consumers can load prepaid cash on their mobile phones and can purchase goods and services at about 36,000 retailers across 200 cities in the country as of now. The MoM operates independent of consumer’s bank, mobile operator or any mobile subscriber.
Reserve Bank of India has given a nod to launch the service recently and has fixed the maximum limit of transaction to Rs. 50,000 for a definition – mobile-based semi-closed prepaid instruments issued by non-banks.
Earlier, Airtel started similar service as a pilot project in Gurgaon. The service is now limited to Delhi, Noida, Faridabad, Ghaziabad and Chennai apart from Gurgaon. Loop Mobile also began the same partnering with ZipCash.
Quote-Unquote
Managing Director of MMPL, Shashank M. Joshi:
“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’.”
Do comment below about this new concept payment with the cash power of your mobile and let fellow readers know views, critics and excitements of yours.
It would be nice if cell phone balance could be used instead of debit cards.