New mobile wallet service has been launched by My Mobile payments ltd (MMPL) in India. This service can be used by customer of any mobile operator or bank (you don't need be with any bank at all). It is known as 'Money on Mobile' or MoM, which can be used by mobile subscribers to make bill payments, purchase goods and services without the need of cash, cheque or credit/debit card. And can load their mobile phones with cash of various denominations starting from Rs 20, at retail touch point of MoM. After that this virtual amount can be used to top up any prepaid mobile or DTH, or pay postpaid bills, utility bills such as electricity, gas, buy airline, bus, and movie tickets etc.
Since 2012 this service is available to business users and now the consumer version is being launched. MMPL claims to have a network of 82,000 retailers (touch point) across 300 cities in India. Already 5 lakh customers are doing transactions worth Rs 2 crore every day with Money on Mobile. This service can be used through SMS based platform so the customers don’t need to buy high end device to use this service. Many banks as well as mobile operators have already launched mobile wallet services in the country. Lets see how this MoM can take on the might of these biggies. Till now the company has not announced any additional benefits apart from the convenience from using this service. Airtel has already tied up with many merchants to offer discounts to Airtel money users.
Source : Themobileindian