Update: One of our readers, Dinesh, has pointed out that the claims made by My Mobile Payments (as reported by Business Standard) appear to be a little unrealistic, since a daily transaction turnover of Rs 35 lakh would result in the total monthly transaction amount of Rs 10.5 crore, which is extra-ordinary for a new player. We thank him for the heads-up and for giving context. Mobile payments service provider, My Mobile Payments has received an approval from the Reserve Bank of India (RBI) to offer a semi-closed m-wallet. The company intends to launch 'Money On Mobile' an electronic prepaid payment instrument for mobile phones, by December. According to a statement from the company, it has tied up with 36,000 retailers across 200 cities in India. The service would allow users to pay for prepaid mobile talk time, DTH accounts, air, bus or movie tickets and other services using their mobile phones. The service operates independent of the consumer’s mobile operator or bank, and users will be able to top-up their mobile money accounts through the company's retail network. The company already offers the solution to b2b (business to business) customers through SMS and mobile apps, and had claimed to have a user base of 10,000 clients across 15 Indian states, with a transaction-based turnover of Rs 35 lakh per day, in April 2011, according to a media report. It had done transactions worth Rs 18 crore, six months after the launch of its m-payments service. It had announced plans to raise a…
