VARINDIA IT MAGAZINE

MMPL (a subsidiary of Tata Teleservices Ltd.) has announced the launch of a new Open Loop prepaid, VISA powered card in partnership with RBL Bank. By accessing a PaySmart card, user will be able to withdraw money from VISA licensed ATMs and also pay for goods and services at all merchants that accept VISA Debit/Credit cards nationally. Pradeep Sampath, Chief Operating Officer, MMP MOBI WALLET PAYMENT SYSTEMS LIMITED, said, “The PaySmart card is a milestone towards realizing Tata Teleservices vision of simple and secured transaction services. Keeping financial inclusion in mind, we have worked towards creating this product for all customers who can now have a choice of cashless dealings. Amongst the host of offerings around mobile money, this product addresses a clear gap of Cash Out which is currently not available with the Semi Closed Wallets, There is a clear need in the marketplace for such an offering at the right price and feature set.” This new service is a step towards o...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   My Mobile Payments Ltd (MMPL) has announced the launch of ‘Money-on-Mobile’ (MOM), an M-Wallet service which permits a mobile phone subscriber to purchase a wide range of goods and services using the mobile phone for the Indian market. Shashank Joshi, MD, Money-on-Mobile said, "We are happy to launch our services in one of the fastest growing mobile markets. In a country like India where mobile phones are more widespread than the financial systems, mobile payment is the next big alternative payment method. MOM does all paperless transactions and it is in line with RBI’s vision of making 70% of the financial transactions paperless by end of 2012. MOM is committed to ensuring consumers the ability to make safe, convenient and flexible payments thus empowering them to - 'Stop at nothing. Pay for anything'." For More Details See www.varindia.com

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 abilit...