April 19, 2015
MoneyOnMobile (MOM), India's leading mobile payment solutions provider, has announced the introduction of a one of its kind instant 'Mobile Money Order' service via SMS. This is the first time in India that "mobile money order via SMS" has been offered. MoneyOnMobile had earlier announced the launch of its app-based domestic Mobile Money Order service for customers in January 2015.
This service enables MOM customers who use basic or feature phones, or those on talktime-only plans 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 to the beneficiary's bank account. Knowing the IFSC code of the beneficiary's bank is essential for facilitating 'Mobile Money Order' through SMS. The highlight of this service is that it works 24X7. For the consumer, it is a fraction of the cost of postal money order, only much faster.
Shashank Joshi, Managing Director, MMPL said, "This new and unique SMS-based service will enable a new segment of mobile phone users without data-enabled plans or those with basic phones to avail this service. We foresee a huge rise in people using this service with millions of new users having entered the banking system through the Prime Minister's Jan Dhan Yojana."
"It is our endeavour to make life easier for the users of even the simplest mobile phones. The mobile phone they use should not be a barrier for our customers to make paperless money transfers faster and with convenience. Our app-based MOM Mobile Money Order service has already picked up amongst smartphone users," Joshi further added.
My Mobile Payments Limited (MMPL) is one of India's leading mobile payment solutions companies, operating through its 'MoneyOnMobile' brand, a service aimed at bringing quick, simple and efficient mobile payment solutions to everyone.
MoneyOnMobile enables purchase of goods, making easy payment top-ups, payment of utility bills, DTH recharges and more, just with the click of a button. MoneyOnMobile is the first in India to have an application with multi-lingual capability for a service in this category. MoneyOnMobile earlier announced the launch of its domestic Mobile Money Order service for customers in January 2015. MoneyOnMobile is currently authorised by the Reserve Bank of India (RBI) to set up a semi-closed payment system in India which enables registered users to buy good products and services from registered merchants. MMPL launched its PayJaldi solution for SME businesses to support invoicing and to collect payments from their customers while providing services or selling goods.