Instant mobile money order service via SMS was launched in April 2015. MoneyOnMobile (MOM) was the first company to launch the service in India. The service is available for basic mobile phones as well as smartphones. There are many people in India who don’t use the internet as they only use their phones to talk or send SMS. Thanks to MoneyOnMobile, they can transfer funds to the accounts of their friends and family members in a smooth way.

How MOM Works?

In order to send money using MOM, you should be aware of Bank IFSC Codes. You should know the IFSC code of the beneficiary’s branch as it is essential to transfer funds using MOM. The money can be transferred through the mobile very easily. Additionally, it saves time, effort and money. The greatest advantage of the service is that you can transfer money on a 24/7 basis. The money can be transferred in a fraction of a second. MoneyOnMobile’s USP is that it is simpler than the money order sent by the post office.

The money can be transferred without mobile data-enabled phones so that the vast population of the country is benefitted by the service. However, the service can also be availed on smartphones without any issues.

Three Modes of Fund Transfer

MOM can be used to transfer funds via three different modes:

• SMS
• Application
• Web Portal

Activation of MOM

You need to activate your SMS service in order to send funds by MoneyOnMobile. As soon as you register for the service, you will be able to use the service.

If you have GPRS facility on your phone, you can download the application on your mobile phone. After opening the app, you can register your account. Your bank account details and credit/debit card details should be updated on the mobile app. After the successful registration on the app, you will be able to make payments for merchants and transfer funds to friends and family in the matter of a few seconds.

Benefits of MOM

Here are many benefits of the MOM service.

• Fund Transfer - You can transfer funds from a basic phone or feature-rich phone (smartphone.)
• Quick Transfer - Money can be transferred very quickly. If you want to transfer funds to a beneficiary’s account in Indian Overseas Bank, you should be aware of the Indian Overseas Bank IFSC Code. Otherwise, the transaction won’t be processed.
• Multi -lingual Capability - The application has the multi-lingual capability to cater to the diverse target audience.
• Domestic Money Transfer - Money can be transferred from one bank account to another bank account in the country without visiting the bank.
• Authorized by RBI - The MOM service is authorized by RBI. It means it is authentic as well as credible.
• Purchase of Goods and Services- Customers will be able to pay for goods and services by using the MOM application.
• Top-Ups - It can be used to pay for mobile top-ups.
• Recharge - It can be used for recharging your DTH services.
• Bill Payment - It can be used for payment of utility bills.
• Semi-Closed Payment System - It offers a semi-closed payment system which enables the registered users to buy goods and services from registered users on the platform.
• Paperless Transactions - It facilitates paperless money transactions.
• Transparency - It enhances transparency.
• PayJaldi Solution for SME Businesses - It supports invoicing and payment collection from vendors. The solutions help in offering goods and services.
• 24/7 Payments - You can make payments at any time as per your convenience. You will not have to stand in a queue at bank branches to transfer money.
• Send Money from Anywhere - You can send money from any part of the globe by using the service. All this can be done from the comfort of your home.

Over to You

MOM service is one of the many online money transfer options. The system is simple, easy and efficient. Beginners will be able to adapt to the system very easily. The service has great potential to penetrate the rural as well as urban populations throughout the length and breadth of the country. The greatest benefit of the service is that you can use at any time from anywhere and it is free of cost.