MoneyOnMobile announced the launch of the Reserve Bank of India’s payment service (Bharat Bill Payment) through the MoneyOnMobile retailer platform. The launch of this new service enables its retailers to meet the growing demand for digital payment services among the estimated 600-800 million unbanked population of India, and increase the monthly spend of their existing customers. The eighty additional services cover a wide range of billers from electric, water, and gas utilities, to mobile bills and television recharge.
“We are excited about the launch of the Bharat Bill Payment service on our retailer portal. We believe it will help MoneyOnMobile continue to transform the cash experience for retailers and their customers. With such a large number of services being added, consumers can convert their cash into digital payments to access more of the vital, everyday services that make their lives easier,” says Harold Montgomery, CEO and Chairman, MoneyOnMobile.
“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,” says Will Dawson, Chief Operating Officer, MoneyOnMobile.
MoneyOnMobile is an India focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.
The Bharat bill payment system is a Reserve Bank of India (RBI) conceptualized system driven by National Payments Corporation of India (NPCI). It is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “Anytime Anywhere” bill payment service to all customers across India with certainty, reliability and safety of transactions. Bharat Bill Payment has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt. It offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills etc. through a single window. In future biller categories may be expanded to include insurance premium, mutual funds, school fees, institution fees, credit cards, local taxes, invoice payments, etc. An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any bill related problems in Bharat Bill Payment.