MMPL is authorised by the Reserve Bank of India (RBI) to set up semi-closed payment system in India.
Mobile payment solutions company My Mobile Payments Ltd (MMPL), which owns the MoneyOnMobile (MOM) brand, has announced the launch of its domestic Mobile Money Order service for customers.
This service enables MOM customers to instantly transfer amounts to their friends and loved ones, in an easy and convenient manner. As per RBI regulations, money transfer from mobile wallets can currently be made only to the beneficiary's bank account. The highlight of this service is that it works 24X7, including on national holidays and Sundays.
For the consumer, it costs less than half the cost of a postal money order. MOM is an application with multi-lingual capability, and the first in India to have a multi-lingual app for a service in this category.
Sharing his views on the launch of the service, Shashank Joshi, Managing Director, MMPL, said, "It is our continuous endeavour to add newer services onto our platform that enable our customers to make paperless money transfers, faster and with convenience. We're happy that within a few days of introduction, the MOM Mobile Money Order service has already picked up. We have seen biggest volumes among all mobile wallets in India."
Founded by Joshi in the year 2010, MMPL is authorised by the Reserve Bank of India (RBI) to set up semi-closed payment system in India. The firm enables registered users to buy products and services, make easy payment, top-ups, payment of utility bills, and DTH recharges from registered merchants.
Started with a vision to bring the convenience of simplified payments to mobile users in India, MMPL has clocked Rs 950 crore in turnover in last FY14. Going ahead, Joshi expects a turnover of Rs 25,000 crore by FY15 and open 5 lakh outlets across 1,000 cities by 2016-17.
Throwing some light on the strategies adopted for further expansion, Joshi told Entrepreneur India, "We are aggressively focusing on increasing the utilisation of our prepaid instrument by the name of MOM Card that enables a consumer to pay digitally for services registered on MoneyOnMobile platform. We will focus on B2C acquisitions and adding more and more services to our platform, thereby giving enough opportunities to our B2B partners and consumers to transact."