Telecom Lead India: My Mobile Payments (MMPL)
has formed a joint venture with a British entrepreneur of Indian origin, Manoj
Karkhanis, to begin operations in the UK.
MMPL retails Mwallet services under
the Money-on-Mobile (MoM) brand in India. The company will hold 50 percent
in the JV, which is known as MMPL UK. The remaining stake will be held Manoj
Karkhanis.
The company is aiming at 5 billion euro annual revenue opportunity
for top-up solution providers targeting prepaid mobile customers.
Shashank M Joshi, MMPL’s founder and managing director,
said that MMPL UK will earn 6 percent of the recharge value of all top-up
transactions from its partner mobile phone companies and MVNOs in the UK.
In order to deliver talk-time top-up solutions to their
respective prepaid subscribers across the UK, MMPL UK Plc has signed agreements
with global carriers like Vodafone, Orange, 3 and mobile virtual network
operators like Lebara Mobile, Lyca and GT Mobile, Economic Times reported.
The newly formed JV will deliver mobile top-up solution
on the text messaging platform. MMPL UK will pre-buy prepaid inventory from
telcos like Vodafone, Orange, 3 and its partner MVNOs in the UK.
For this JV, MMPL will contribute its mobile payment
technology and MoM brand name, while all opex related investments would be
handled by the British partner.
My Mobile Payments unveils Money-On-Mobile in India
In June this year, My Mobile Payments introduced an M-Wallet service called
Money-on-Mobile (MOM) in India that enables a mobile phone subscriber to do
shopping using the mobile phone instead of paying by cash, cheque, debit or
credit cards.
editor@telecomlead.com
