The Telegraph
Monday , June 23 , 2014
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Tata mobile wallet plan

Eye on target

Calcutta, June 22: My Mobile Payments, which offers mobile wallet services, has set a target to break even by 2017-18. The company is a subsidiary of Tata Teleservices.

The mRupee pilot project, which began in 2011, was commercially launched in October 2013.

The business, which started with mobile remittance, now provides multi-purpose transactional services. In April-December 2013, it crossed the million-transaction mark. Around 2,50,000 transactions take place across cities every month. The mRupee service is available across 3,000 outlets and is active in 15 cities.

“India has a 1.2 billion population and the mobile penetration is 900 million. Mobiles play an inclusive role as far as finance is concerned. Mobile banking was where a banking customer had a front-end access channel and slowly we want to take it beyond banking customers,” said Pradeep Kumar Sampath, chief operating officer of My Mobile Payments.

“The only way it could happen was by going closer to customers. Incidentally, in India domestic money remittance is actually twice or thrice the international money remittances,” he added.

About $50 billion is remitted to India per year.

The company is planning to strengthen its presence by making its services available in 25 cities in the next three to four months. The focus is on building customer relations at the ground level.

Services are now offered for person-to-person cash remittance, person-to-merchant money remittance and for business-to-business need. It enables customers to avail themselves of services that go beyond recharging phones and paying utility bills.