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From Paper to Paperless Transactions

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Shashank Joshi

Shashank Joshi
MD, My Mobile Payments Limited

Following the launchof Digital India initiative backed by Prime Minister Narendra Modi, My Mobile Payments Limited aims to be a part of it by focusing on its vision to achieve paperless transactions throughout the country, tells Shashank Joshi in an interaction with ENN’s Ritika Bisht

Money-on-Mobile provides mobile phone users flexibility to move their funds. Does My Mobile Payments Limited have plans to further accelerate its vision of ‘simplifying payments’?
We are starting with domestic remittance, wherein even if you do not have the wallet and you wish to send the money to somebody you can still send it through cash into bank account. The customer can give an amount to our retailer and the retailer in turn sends it to the designated bank account.

Today everything is going digital, so, we decided to introduce multi-lingual applications and as a result our app today is available in 11 languages. Our motive was to eradicate English as a language barrier for undertaking the transactions. Individual should be able to access and use the application in his/her local language.

A majority of our population is still used to the paper receipt as the final receipt. We need to leave behind this practice to bring in digitisation.

While initiating My Mobile Payments Limited (MMPL) in June 2010, what challenges did you face with regard to rules and regulations?
My Mobile Payments Limited did not face any problems regarding the rules and regulations of the government. The government was cooperative and all along the journey they had a positive outlook towards our vision. Moreover, Reserve Bank of India has given a push to convert paper transaction to paperless transaction. The regulatory body has been cooperative and from our end, we have been able to comply with all the said regulations.

The government has embarked on the Digital India mission in a big way. Do you see any role for yourself in this scheme of things?
Our primary vision is to go paperless and in pursuit of this vision we will be contributing to the Digital India mission.

A majority of our population is still used to the paper receipt as the final receipt. We need to leave behind this practice bring in digitisation. But the good thing is government has shown a lot of interest in such matters as now even at airports, the authorities are accepting e-tickets that passengers get on their mail IDs. Similar is the case while travelling through Indian railways. Thus, everything is changing and we would be able to achieve our vision of going completely paperless very soon.

How does MMPL relate to the Prime Minister’s Jan Dhan Yojana programme?
For Jan Dhan Yojana programme, we are trying to bring ‘mobile ATM’ in which we will take this mobile ATM to every railway station, open bank account and give customer the option to withdraw cash from the ATM. Through this system, we will creating a lot of beneficiaries and that will contribute to the Prime Minister’s financial inclusion initiative.

What strategies and plans do you have for further expansion of MMPL in Indian market?
We are launching ‘Merchant Payment’ very soon. I believe in a few months time customers will be able to pay for their daily supplies, milk, eggs, breads and other things, from their mobile phones to the merchant. I always believed that mobile phones can be turned into a financial instrument which can help customers to use services like Merchant Payment. With the boom of low price range smart phones in India, more and more customers are carrying mobile phones including the rural population, which would come in handy in availing the benefits of mobile payment mode.

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