MMPL receives RBI's approval to issue Mobile Wallet

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

My Mobile Payments Ltd (MMPL) has received the RBI's approval to launch financial services on mobile phones. "Money on Mobile"(MoM), an electronic prepaid payment instrument for the mobile phone is set to launch its services for the Indian market this December.

Shashank M. Joshi, MD, MMPL said, "We are elated that we've been granted the licence to offer the semi-closed m-wallet by the RBI. This means that 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."

"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 further added.


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