Loop Mobile M Wallet facilitates money transfer through SMS

Last year in August, Loop had launched the new Mobile Money Value Added Service (VAS) in partnership with Zipcash. This service allowed its users to transform their mobile phone into a mobile wallet, something we saw Airtel and Nokia launch as well. So, it's possible to use the mobile wallet for mobile and utility services like electricity bill payments, prepaid recharges, digital TV recharge, online shopping, purchasing movie tickets and much more. Now, the telecom provider has taken a step ahead to introduce the M Wallet service, enabling its users to make social payments to friends and family just by sending a simple text message. Yes, money transfers through SMS.

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The M Wallet service can be used to send money to any mobile number and any operator across the nation, unlike other operators. The money transfers can be made to any operator, and also allows bill payment of any operator. To create a free M Wallet, send ‘Money’ to 51888, to load the wallet with cash. This service has been launched by teaming up with Zipcash. ZipCash focuses in the area of micro-payments, allowing consumers to transact online and offline without a credit/ debit card in a safe, secure and convenient manner. It claims to be the first company to launch the prepaid model for mobile payments in India.

Commenting on the launch of another path-breaking value added service, Surya Mahadevan, Chief Operating Officer, Loop Mobile (India) Limited said, “We envisage M Wallet playing a crucial role in transferring money via mobile phone. We hope as the ecosystem develops, M Wallet will give birth to a new means of convenient & social or utility payments. The 1st variant of this product was test marketed last year amongst our users only and based on their feedback we are launching M Wallet now. Apart from serving as an easy alternative to cash/card payment options, we offer the convenience of instant money transfer to any mobile subscriber in the country. We feel this product will evolve as a lifestyle product enabling and engaging the urban subscriber with shopping, dining etc.”

Published Date: Apr 07, 2012 10:12 am | Updated Date: Apr 07, 2012 10:12 am