80 New Mobile Payments, Other Services Arrive From MoneyOnMobile
India has been easily one of the biggest new frontiers when it comes to mobile payments. The sheer bulk of the population coupled with an increasingly unfriendly environment for cash transactions offers a big market that’s clearly interested in mobile payments. So interested, in fact, that even the Reserve Bank of India is getting in on the action, and it’s calling in some help from MoneyOnMobile, who filled us in about 80 new mobile payments and similar services coming to India from its operations.
The Reserve Bank of India’s mobile payments service, Bharat Billpay, is just one of these, launched through the MoneyOnMobile retailer platform. With Bharat Billpay, those who aren’t currently with a bank—or just aren’t using a bank fully—get access to banking services. With somewhere between 600 million and 800 million users considered either unbanked or underbanked, this is a massive chunk of market ready to go.
The other services being launched from the MoneyOnMobile retailer platform include a huge variety of services, including mobile service payments, television service payments, and a string of utilities providers from electric to gas to water.
MoneyOnMobile’s chief operating officer Will Dawson noted “Our goal is to help retailers deepen their engagement with the community they serve. By enabling new services being demanded by their customers, retailers are able to meet the growing demand, and be the “one-stop shop” people can visit for access to financial services. This helps the company grow our retailer base, grow the share of consumer wallet, and increase retailer retention.”
Don’t be distracted by the large number of new services coming out of MoneyOnMobile; these seem to be comparatively limited in scope, and highly specialized. No matter the number, though, it’s clear that MoneyOnMobile is out to cover as many waterfronts as possible in the mobile payments sector in India. That’s a good plan; it’s still a young market, and with millions of mobile payments users in play, MoneyOnMobile has an excellent opportunity to land some real market share.
First mover advantage is still on the table, if on a limited basis. MoneyOnMobile may be able to seize that limited advantage for itself and make a name along with it thanks to a range of options and an easy way to spot value.