The Reserve Bank of India (RBI) today announced formally that Money-on-Mobile subsidiary, My Mobile Payments Ltd., has received a five year renewal of its authorization to operate a mobile payments system in the country.
Money-on-Mobile (MoM) is the largest provider of mobile currency transactions in India with over 71 million unique users and over 163,000 participating retail locations as of September 31, 2013. Money-on-Mobile CEO Shashank Roshi stated, “The license granted to Money-on-Mobile was originally for 2 years and is now renewed for 5 years. This displays the regulator's confidence in our ability to bring more consumers to the digital paperless payment platform, in turn helping the RBI realize their goal of a 70% paperless transactions consumer economy.”
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