My Mobile Payments gets RBI nod for M payment

My Mobile Payments Limited(MMPL), a Mumbai-based mobile payment service provider, has been permitted by the Reserve Bank of India (RBI) to launch financial services on mobile phones.

The company's Money on Mobile (MoM), an electronic prepaid payment instrument for the mobile phone is all set to launch its services for the Indian market in December.

The company has tied up with over 36,000 retailers across the country in this regard and says that its service 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.

''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,” said Shashank M Joshi, MD, MMPL on the receiving of license.

The service operates independent of the consumer’s mobile operator or bank, and any mobile subscriber can avail of its services.