My Mobile Payments Ltd (MMPL), which retails Mwallet services under the Money-on-Mobile (MoM) brand in India, has just floated an offshore JV to launch operations in the UK.

KOLKATA: My Mobile Payments Ltd (MMPL), which retails Mwallet services under the Money-on-Mobile(MoM) brand in India, has just floated an offshore JV to launch operations in the UK.

It will hold 50% in the JV, christened MMPL UK Plc, while the balance shares will be held by a British entrepreneur of Indian origin, Manoj Karkhanis, a veteran in the UK cards processing industry.

The equal joint venture has inked pacts with leading global carriers like Vodafone, Orange Plc, Hutchison-owned 3 and a clutch of mobile virtual network operators (MVNOs) like Lebara Mobile, Lyca and GT Mobile to deliver talk-time top-up solutions to their respective prepaid subscribers across the UK.

MMPL, which received RBI nod last year to offer mobile wallet services in India, claims the UK offers a £5-billion annual revenue opportunity for top-up solution providers targeting prepaid mobile customers .