Tata DOCOMO which offers a money transfer and payment service 'mRupee' through its wholly owned subsidiary MMP Mobi Wallet Payment Systems, will be expanding the service to cover 26 Indian cities by the end of this fiscal (FY-14). The service is currently available across 1,700 retail outlets in 11 Indian cities and was launched by Tata DOCOMO in partnership with ICICI Bank exactly an year back. The service allows users to walk into any MMP retail outlet to deposit the cash and provide details of the payee, following which the money will be transferred to the bank account of the payee through existing electronic fund transfer mechanisms like NEFT and IMPS among others. There is a one-time registration fee of Rs 25 along with transaction charges starting at Rs 20 and varies depending on the amount transferred. There is a cap of Rs 5,000 per transaction and Rs 25,000 per month for money transfer. While the service is provided by Tata DOCOMO subsidiary, the company says the service is operator agnostic and is available through the web, mobile app, WAP, USSD and IVR. It claims to have more than 0.13 million customers and claims to be growing at a rate of 30% month on month. In the past year, mRupee also seems to have added payment services like mobile, DTH & data card recharge, toll recharges, utility payments and the ability to purchase air and bus tickets, make hotel bookings and others. It plans to introduce additional payment services in the forthcoming future. Earlier this month,…
