Tata
Docomo announced that its flagship money remittance and payment
service mRupee will be expanded to cover 26 cities by the end of this
fiscal. mRupee is a telecom network agnostic m-payment wallet
that is rapidly transforming the way payments
and remittances are carried over across India. MMPL will not only serve
B2C segment but will also empower B2B customers, businesses, traders,
shop owners and enterprises by providing efficient
payment/ cash management services. TTL will also look to
develop synergies with its group companies to offer differentiated
services around this mobile money proposition. The company also has
plans to introduce bouquet of services around the mobile
wallet.
With
over 1700 retail outlets, mRupee is currently available across 11 key
cities through its strategy tie-up with ICICI bank and serves as an easy
alternative to cash or
card payment. mRupee offers the convenience of efficient domestic
remittance services available as self-initiated or retailer assisted.
Consumers can walk into any MMP outlet and deposit cash and provide
details of a payee to remit money. In addition to enabling
seamless money transfers, mRupee can also be used to pay utility bills,
shop online, on mobile or at retail outlets and pay using a mobile
device. mRupee will be available on Web, WAP, as a mobile application,
USSD and via IVR as an operator agnostic service.
mRupee currently has over 1,30,000 customers and is expanding rapidly
growing at nearly 25-30 percent every month.
“mRupee
is aiding in creation of a mobile-based digital cash economy that is
more efficient, transparent and inclusive. Mobile based digital cash
economy is a solution that can lead to economic
growth and also boost financial inclusion and accessibility especially
in terms of remittances or payment services” said Pradeep Kumar Sampath,
COO of MMPL.
“The
service is designed keeping in mind B2B as well as B2C customers and
will not only cater to the urban youth/ executives but also the migrant
population across the country for domestic
remittances. It will also complement various retailers by providing
them an additional channel for distribution and income generation.”
“TTL understands the
retail world very well due to its presence in mobility business and can
delve on its experience of building the consumer brand, knowing the
demographics, and above all the trust factor that
goes with Tata Brand” added Sampath.
MMP already allows consumers to transfer money without opening an account. MMP had received the
Reserve Bank of India’s approval in December 2011, to offer a prepaid payment instrument called the mRupee.
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