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Mobile wallet services provider My Mobile Payments Ltd (MMPL) is likely to tie up with various State Electricity Boards to offer utility bill payment services. Talks are on with both the West Bengal Electricity Board and CESC for the same.
It already has tie-ups with the North Bihar Power Distribution Company Ltd and South Bihar Power Distribution Company Ltd to offer utility payment options.
According to Shashank M. Joshi, Managing Director, MMPL, a tie-up with 14 State power boards is likely to be in place within the next two months.
“The collection centres in Bihar had long queues for bill payments. After our tie-up with the power distribution companies, payments are being facilitated through our m-wallet services, providing a huge relief to consumers,” Joshi told Business Line .
MMPL’s m-wallet service under the ‘Money-on-Mobile’ brand is like a prepaid debit card on mobile. It allows customers to load their mobile phones with cash at retail touch points and use this virtual money to top-up any prepaid mobile or DTH recharge or pay post-paid mobile bill or utility bills at present.
MoneyOnMobile has been authorised by the Reserve Bank of India to set up a semi-closed payment system in the country, which enables registered users to buy products and services from registered merchants.
The service, unlike solutions provided by telecom companies, is operator agnostic. For example, a Vodafone or Airtel user too can opt for MMPL’s services.
Business Growth
MMPL has a network of 1.4 lakh retailers across the country and records close to Rs 3 crore worth transactions a day.
MMPL, which recorded revenues of Rs 650 crore as on March 31, aims to grow its business by nearly four times to Rs 2,500 crore by the end of this fiscal on the back of increased bouquet of offerings and by reaching out more retail touch points and consumers.
The company registered 160 per cent growth in revenues in 2012-13, over the previous year. Based on the demand for each of its service, MMPL typically buys out the inventory of the companies it ties up with, in advance.
MMPL plans to raise close to $75 million (a little over Rs 400 crore at current exchange rates) through the private equity route to fund its business growth this year.
The company had received around $29.7 million (a little over Rs 150 crore at current exchange rates) from US-based Calpian last year.
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