Calpian is collaborating with Money-on-Mobile (MoM) to launch electronic payment service in India. The US-based company has decided to invest up to $29.7 million in MoM, which is an electronic payment method that uses cellphones. Last year, after getting approved by RBI, m wallet was released in India. The semi closed wallets helps you to recharge your phone and pay your bills.
MoM is now going to start its domestic service via mobile channel. It has a vast network of over 55,000 access points and more than 200 cities. Calpian has a long record of 25 years of e-payment solutions in the United States. They are trying to get hold of the Indian market with their collaboration with MoM.
Calpian will lead the company to provide effective electronic payment processing in India. This will help MoM grow in the 900 million mobile user Indian market. The service will be available via SMS and hence you won’t really be needing a smartphone. This service will also be independent of the mobile network you choose. This makes it a service which can be used by everyone and just not the elite class.
Via: Telecomlead