''MOM works agnostic of the operator and the bank''

For how long My Mobile Payments ltd has been operating in India? Who all your partners?

MMPL is operational for last 1 year, servicing retailers (B2B). MMPL now has over 36000 retailers in more than 200 cities in India. With the RBI permission in place B2C will be launched in December.

How does M-o-M work for the consumer?

MOM is essentially a prepaid mobile wallet. A consumer can load his M Wallet with the desired amount. He can spend the money for services that MOM has made available that includes mobile recharge, movie ticketing, DTH recharge etc.

The consumer needs to register with MMPL either online or can walk in to a retail outlet and make the registration. They will then receive a welcome message. Once this is done, they can load their mobile for a particular amount and the go ahead and make a payment for a wide array of services by sending an SMS.

How are we different from the existing players in the market?

One of the most important difference is that the existing players target the banked customer. One needs to have either a debit or a credit card to register with them and make a mobile payment.

Otherwise,one needs to be a subscriber to their mobile operator to help them facilitate payments through the mobile phone. In the case of MMPL, we tie up with local retailers and hence are able to reach every banked and unbanked consumer with a mobile phone pan-India and help them pay for services using their mobile phone. All the consumer needs to do, is visit a retail outlet or kirana store, pay in cash and load their mobile phone with Money-on-Mobile voucher.

Secondly, our core platform is SMS. Unlike, other players in the market, a smart phone application is not needed. Hence we don't only cater to the upwardly mobile market but rather reach out to the common man in society. Because the transaction is made over an SMS, it is the easiest application to use in the mobile payment market.

How many handset vendors have you tied up for MoM's launch in December?

Currently none. Our system is not dependent on any particular handset.

How is Money on Mobile (MoM) is better compared to other semi closed wallet systems already launched by operators and handset vendors in Indian market?

MOM has developed a technology that enables the consumer to do transactions over a SMS. No smart phone is required. MOM also works agnostic of the operator and the bank. Hence everybody can become a subscriber of MOM.

Are there any other new solutions in pipeline for Indian consumers?

Upcoming projects in pipeline are solutions and platforms are created for shopping at organized retail outlets, Railway Ticketing, Cable TV payments, government payments - Taxes etc, banking - Business Correspondent under RBI's financial inclusion Person to Person Money Transfer.