Shashank Joshi led MoneyonMobile set to introduce innovative cutting edge technology to double the customer base & revenue in 2017

Shashank Joshi led MoneyonMobile set to introduce innovative cutting edge technology to double the customer base & revenue in 2017

Mobile wallet is still in its nascent stage in India that has taken on consumer psyche rapidly. Everyone is loving mobile wallets and embracing them with open arms. Today, mobile wallet is one of the successful business ideas for start-ups.  The overall indian market size for mobile wallet (m-wallet) stands at about Rs 400 crore and is estimated to rise to Rs 1,500 crore by 2019. Shashank Joshi of My Mobile Payment Ltd is one of the pioneer entrepreneur to have tasted success & has made MoneyonMobile a top brand in the digital mobile payment market

The risk taking & serial entrepreneur from mumbai, Shashank Joshi, is working on a cutting edge technology to bring a new shape & identity to the award winning mobile wallet company My Mobile Payment Limited, a mobile wallet company started in the year 2010 June. Inspired & delighted the recent initiatives of the central government’s digital India’s push & the opening up of globalization in key sectors, Shashank is optimist of bringing a revolution in the fastest growing Indian mobile market & expand the scope of operations in the days to come. The company is initiating several specialized campaigns to reach out to the new market in the semi urban & urban-centric geographies with the simplified technology to pay essential bills like electricity, mobile bills, DTH & other essential services. It may be recalled that Money On Mobile’s monthly transaction volume had declined to $78.6 million (Rs 523.4 crore) for the month of April. This represents a decline of 16% from $93.6 million (Rs 623.3 crore)  in March. However MoneyonMobile increased the number of consumer’s base to more than 200  million cumulative unique users, up from 152.2 million users in September 2015. Sources close to Indian Affairs reveal that MoneyonMobile is working out a detailed plan to come out with unique offerings, competitive pricing & introduction of new geographical sales outlets to fuel its growth engine. Shashank Joshi,the architect of the Money on Mobile’s proposed unique mobile wallet will have a different look & consumer friendly with collaboration of multiple vendors. Presently MoneyonMobile is serving to consumers through 313,541 retail locations throughout the country, an increase of 2,865 stores from March’s 310,676 stores. MoneyonMobile allows consumers to use their mobile phones to pay for goods and services, or transfer funds from one person to another using SMS text. It may be recalled that MoneyonMobile was selected in 2014 by the Unique Identification Authority of India (UIDAI) for a mobile cash out pilot using biometric authentication. This pilot are set to be rolled out in Mumbai, Delhi, Kolkata and Surat through 52 existing retail partner locations. Repeated attempts from our editorial team to reach out to Shashank Joshi for the response  through sms & mail remained unanswered.

The visionary entrepreneur Shashank Joshi was one of the very few first digital leaders in india to identify the enormous opportunities & potential of the digital payments in its formative years & since the formation of the company My Mobile Payments Ltd way back in the year 2010, Shashank Joshi has been tirelessly  building a robust digital payment process that is simplified & consumer-friendly & it is on that vision the foundations of the company Moneyonmobile was built. The company is gearing to touch the magic figure of 1000 crore by the next year 2017 fiscal if all its plans are executed but it remains to be seen how MMPL & its visionary founder Shashank can compete with players such as PayTM, Oxigen, Mobiquick, Payumoney,Freecharge etc.

Shashank Joshi was recently voted by the Network 7 Media Group’s Jury as the CEO of the year 2016 in a national contest at the very prestigious 7th Annual India Leadership Conclave 2016 held recently & MoneyonMobile was declared as Indian Affairs Most Valuable & Trusted Mobile Wallet 2016.

The Background of Mobile Wallet Market

India is witnessing an exponential growth in the area of digital payment in recent times. With ever-increasing internet and mobile penetration, the country is all set to witness a massive surge in the adoption of digital payments in the coming years. Furthermore, flagship government initiatives such as Digital India will act as key catalysts and enablers of this transformation. At present, mobile payments form a minuscule part of the overall digital payments industry in India. However, the contribution from phones and tablets is expected to increase to 30 per cent by 2020. Mobile payments in India are estimated to grow from $86 million in 2011 to $1.15 billion in 2016, with a compounded annual growth rate (CAGR) of 68 per cent, according to estimates. The m-wallet segment includes transfer of money, services related to banking transactions, value-added services such as shopping, ticketing, recharging, and bill payments. In this segment, the highest, 38 per cent market share is captured by money transfer businesses, followed by recharge and bill payments, and utility areas by 30 per cent and 12 per cent, respectively. These are clear indications that the mobile wallets market is definitely a lucrative one, with investors ready to pump in money. Mobile wallet providers are emerging as mini banking institutions and it won’t be surprising if they get banking licences in the future. This will be very lucrative if we take into consideration the government’s agenda of financial inclusion.

Million-dollar investments are being pumped into the mobile payments industry. The industry of mobile wallet has too much to promise on the outside, which has caused many public companies’ valuations to be inflated. Some companies are also actively investing in mobile payment startups that could have strategic value for them. Investors too are pumping huge amounts of money into startups that aren’t even close to profitable. Mobile wallets are an exciting innovation. But the technology is still in its infancy; cost and security concerns remain. The past few years have seen the emergence of mobile wallets as a rapidly growing alternative to digital payments. You can now pay your cab fare, do a mobile recharge or send money to peers; all in a jiffy, with no hassles of cash or time-consuming card payments.The country’s mobile wallet customer base is estimated to be over 150 million, largely propelled by the convenience it offers over traditional banking products.It can be activated instantly on a mobile, carries low risk due to spending limits, and enables instant payments without two factor authentication. Mobile wallet issuers have also done a great job in exploiting the versatility of mobile apps and developing a user friendly payments interface, something that banks had failed to do for long.Having made this mark, mobile wallets are clearly at an inflection point. A high user base and growing popularity does not mean maturity in its life cycle. Several challenges that need to be addressed. Mobile wallets have so far not managed to go beyond merchants who already accept cards. While India’s consumer expenditure is close to ₹74.6 trillion, digital payments account for just ₹3.2 trillion, with the bulk of the market still running on cash. There is potential to expand to new segments such as public transportation, kirana shops, pharmacies, schools and parking lots.

• The consumer payments industry (specifically wallets) will play a crucial role in the future growth of digital payments in the country. It will be driven by:
• Tapping into the untapped market: According to data from the Reserve Bank of India, India is the home to the largest number of unbanked families (more than 145 million), potentially one of the largest bases to capitalise on
• A focus on providing merchants with multichannel payment services
• Wallet payments through near field communication (NFC)
• Tokenisation, biometrics — because mobile devices will be a mainstream option for person-to-person or person-to-business payments
• Crypto currencies such as Bitcoin, Litecoin Developing solutions that are not payment solutions, but are touch payments — solutions for merchant, gift, loyalty, data analytics, and so on
• Financial inclusion: a wallet that can cater to this will definitely rule the Indian market
• Analytics solutions – payments transaction data analytics will be a major source of payments-related revenue.

MMPL is a mobile payment systems provider that offers pre-paid and electronic payment instruments to mobile phone subscribers for purchasing goods/services and for merchants to electronically accept Payments and facilitate their movement of funds. The brand name for their service is MoneyonMobile (MOM). MOM offers mobile phone users the flexibility and convenience to top up their talk time, DTH account, Buy Air / Bus / Movie tickets etc anytime, anywhere and with any type of payment type. Their service operates independently of the mobile phone carrier and hence any mobile subscriber can avail of MoM’s service. This offers mobile carriers the unique opportunity to augment their per mobile client revenue stream.Through the m-wallet service, MOM provides customers with the convenience, flexibility and security to make payments 24X7 using their mobile phone. With a cumulative professional experience of over 100 years, the team at MMPL have joined hands from various backgrounds (Telecom, Finance, Operations, Training, ITES, Technology, Banking, Legal), to accomplish the common objective of “Implementing Mobile Payments System using M-Wallet” in the Indian market.