M-Pesa style Money On Mobile service now available for consumers at over 82,000 retailers.
Money On Mobile can be used by subscribers of any operator to make bill payments, purchase goods and services without the need of cash, cheque or credit/debit card.
They don't need a bank account either. The wallet can be topped up at a participating retailer with cash of various denominations starting from Rs 20. Transactions are made by sending an SMS. There's also an app for users of more advanced handsets.
The service has been available to business users since 2010 and claims to have a network of 82,000 retailers in 300 cities in India.
In its current form, Money on Mobile already has half a million customers doing 20m transactions a day.
It sounds very similar to M-Pesa and the like, which have enjoyed varying levels of success. Promotion is paramount with these kinds of services, so it will be interesting to see how this one fares. India is tricky because of the huge number of operators present and languages spoken.
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