Title - M- Wallet service plans to launch air, rail, bus and movie booking services

M- Wallet service, which provides its services through its retail arm My Mobile Payments Ltd. (MMPL), is planning to enter into collaboration with Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and several airlines and multiplex operators to launch air, rail, bus and movie booking services for its customers.

M- Wallet service, which operates under the brand ‘Money on Mobile', currently provides its customers services like paying prepaid/postpaid mobile bills, recharging of DTH services and paying utility bills through their mobile phones. For this, the customers have to load their mobiles with cash at the company's touch points.

In other words, M-Wallet service acts as a prepaid debit card on mobile for its customers who can use this virtual money to pay off their bills.

Mr. Shashank M. Joshi, the Managing Director of MMPL, has said that the company plans to add a plethora of services to its current offerings by September 15 of this fiscal.

It is reported that at present, the company has a network of 95000 retail touch points pan India for its customer base of over five lakh people. On an average, the company does business transactions worth Rs. 2 crore every day. MMPL also has expansion plans and wants to increase its network of retailers to 5 lakhs by 2014.