Muthoot Money

Muthoot Money (P) Ltd.
Muthoot Chambers
Opp. Saritha Theatre Complex,
Banerji Road, Ernakulam – 682 018
Ph :|+91 484 - 3077335 / 3077331 / 3077332
Email Id: managermpower@muthootgroup.com

Muthoot Vehicles and Asset Finance Ltd. (MVFL) got the license in Yr. 2009 from RBI to operate Payment & Settlement Systems under the PSS Act, 2007. RBI has approved inclusion of mobile wallet facility as one of the PPI offered facilities by MVFL effective from 26.03.2014. MVFL entered into an agreement with GI Technologies Ltd., Chennai in January 2014 for developing a product referred to as "Muthoot Money" for operating Domestic Money Transfers (DMT) which went live on July 2014.

The Muthoot Group  has developed our own software Muthoot Money for Domestic Money Transfer to all Banks all over India. Ours is the first NBFC of its kind to launch its own Money Transfer portal for transfer of funds within India. The scheme, enabled through the immediate payment service (IMPS) platform, would facilitate cashless transfer for payment to selected entities. Customers can transfer their funds to any Bank account, anywhere in India. This can be done through any of 4200+ Muthoot Finance Branches Pan India.

BUSINESS MODEL

• Customer Visits Branch
• Branch creates wallet for customers with his name and mobile number
• Otp is send to customer's mobile number for verification
• Branch staff enters the otp in the b2b portal and wallet gets created and 4 digit pin number is sent to customer mobile
• Add beneficiary with all the receiver details
• Transfer money to beneficiary
• Inform status to information suppoort
• Amount gets credited to beneficiary account

Fees & Services Available
Wallet