Mumbai based My Mobile Payments Ltd (MMPL), a mobile payment service provider, has launched operations in UK as a joint venture, reports The Economic Times.
According to the report, MMPL will hold 50% in the JV named MMPL UK Plc, while the remaining shares will be held by a British entrepreneur of Indian origin, Manoj Karkhanis.
The JV has already inked deals with global carriers like Vodafone, Orange Plc, Hutchison-owned 3, Lebara Mobile, Lyca and GT Mobile to deliver talk-time top-up solutions to their prepaid subscribers across the UK. MMPL UK will buy airtime from telecos in UK in order to enable such prepaid top-ups, that is, MMPL UK will pre-buy prepaid inventory. MMPL UK will utilize MMPL’s mobile payment technology while all opex related investments would be handled by the British partner. The company’s mobile top-up solution would be delivered on the text messaging platform.
MMPL founder and managing director, Shashank Joshi, informed The Economic Times that MMPL UK will charge 6% of the recharge value of all top-up transaction from its partner telecom companies in the UK.
MMPL recently launched its prepaid ‘Money-on-Mobile’ (MOM) service in India. MOM is a mobile wallet service that lets users to load money into its mobile wallet through retail shops, and use for paying mobile phone bills, electricity bills, recharging DTH services, bus booking etc. However, users cannot withdraw cash from the wallet as RBI allows non banking applicants to offer semi-closed wallets – users can deposit but not withdraw cash, and can use the money only for making payments. In India, MMPL competes with Atom Technologies, mChek, ItzCash Card, Obopay, NGPay, Bharti Airtel (Airtel M Commerce Services Ltd), OSSCard/ OSS Payments, PayWorld / Smart Payment Solutions, Beam-Suvidha, Paymate, OxiCash Cards, ZipCash, among others.
For MMPL, one of our questions is, whether it also intends to launch a wallet based service in the UK. Also, apart from prepaid recharge what else are they offering? We’ll update this post as we hear from them.