Monitise establishing its presence in India

Monitise, UK m-payments outfit, has announced it had expanded its business to Indian market and was aiming to develop a multi-bank, multi-operator mobile money platform in the country.

The company did not yet disclose the investors it was going to partner with. However, it is known that they will be different participants of financial services and mobile technology market. Moreover, ICICI Bank, which runs iMobile banking service, has also stated its willingness to invest and participate in the project. 

The company revealed that the service will enable customers of participating banks to make payments to merchants, transfer funds between accounts, pay bills, check balances and top up pre-paid mobile phone accounts through any mobile network and handset.

Monitise highlighted that the service will comply the existing banking standards, and the guidelines of the Reserve Bank of India set last year. 

This expansion of Monitise has followed its deal with E-Fulusi Africa, the Tanzanian mobile wallet provider in order to develop m-banking services for unbanked people in East Africa.