My Mobile Payments Limited (MMPL), which operates the m-money service Money On Mobile, acquired a significant stake in the Mumbai-based OSS India for an undisclosed amount. The funds will be used to bring financial support to OSS India to relaunch the service.
OSS India currently operates the cash card service Done Card specializes in leisure and travel ticketing segment with services such as rail, air and bus ticketing, hotel booking, money transfer service and mobile and direct-to-home (DTH) recharge.
OSS India claims to be the first company to have implemented the Indian Railway Catering and Tourism Corporation (IRCTC) ticketing model and Done Card accounted for around 330k transactions on IRCTC for the period January 2011 to July 2012. (IRCTC stopped providing monthly transactional data later).
Overall, Money on Mobile is currently supported in 184k retailers and has 88.6M unique phone number customers as of April 2014.
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