RBI approves “Money on Mobile”, set to hit market in December

Mobile payment service provider My Mobile Payments has received the RBI go-ahead to commence financial services on mobile phones. ‘Money on Mobile’ an electronic prepaid payment instrument for mobile phone is set to launch its services in December 2011.

My Mobile MD Shashank Joshi said, “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.”

The company has already tied up 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 company offers it services through SMS and mobile apps, and had claimed to have a user base of 10,000 clients across 15 Indian states, with a transaction-based turnover of Rs 35 lakh per day, in April 2011, according to report.  It had done transactions worth Rs 18 crore, six months after the launch of its m-payments service.

Earlier, Reserve Bank of India (RBI) had increased the transaction limit from Rs. 5000 to Rs. 50,000, for “mobile-based semi-closed prepaid instruments issued by non-banks” on par with other semi-closed payment instruments.

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