Now Your Mobile Is Your Wallet! | TechTree.com

Now Your Mobile Is Your Wallet!

RBI gives its nod to payment via mobile, starting this December.

 

The Reserve Bank of India (RBI) has given the green signal to My Mobile Payments Ltd (MMPL) to enable electronic payments using mobile phones. MMPL will launch "Money on Mobile" (MoM), an m-wallet or electronic prepaid payment instrument for the mobile phone in December this year, thus facilitating a long awaited feature of making purchases using your mobile phone. MMPL is a Mumbai-based mobile payment service provider.
 
The company's MD, Shashank M Joshi said, "We are elated that we've been granted the license 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".

You can use MoM via SMS or a soon-to-be-launched smartphone application, which means that the service works with any phone that has SMS facility. To use MoM, you need to first activate it by sending an SMS to register for the SMS service if you don't have a smartphone, the number to which this SMS is to be sent will be announced soon. GPRS users can register for a customer account using the app, update bank and \ or credit card details, and start making payments with affiliated merchants. The service will be completely free of charge although you will have to pay any data charges to your mobile provider for using GPRS. You can check out a demo of how the service will work using the app on the MoM website.

MMPL already has a presence in over 200 cities across India with tie-ups with over 36,000 retailers. Using MoM, users can conveniently achieve transactions such as topping up talk time, DTH account, buy plane, rail, bus, or movie tickets, handle banking transactions, pay utility bills, government taxes, etc at any time and from anywhere. The benefit of this service is that it is independent of the mobile operator or bank, thus giving a large choice to the users. RBI had planned to achieve 70% of all transactions in India in the electronic form and this therefore seems to be a step in the right direction if it really works as planned.

Would you be interested in transacting using your mobile phone? Are you worried that the transactions done in this manner may not be safe? Tell us what you think in the comments section below.


TAGS: Mobile Phones, Internet, Jayesh

 
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