Integrated telecommunications service provider Reliance Communications (RCom) is in advanced stages of negotiations with Atom Technologies, a group company of NSE-listed Financial Technologies India Ltd (FTIL), for a mobile commerce (m-commerce) agreement.
If signed, RCom expects total revenues of around Rs 800 crore over the next three years, sources close to the development told Business Standard.
The tie-up is part of RCom's thrust to enable new revenue streams from m-commerce. The agreement will enable RCom to offer mobile-enabled transactions across Indian and foreign banking institutions. The Anil Dhirubhai Ambani group company will offer an inter-operable payment platform Reliance Mobile (its GSM brand).
Atom will offer RCom multiple banks (Indian and foreign) and merchants on a common platform, thereby allowing its subscribers to make payments across all merchant bases.
On its part, Atom technologies will offer RCom subscribers an enabling environment to purchase insurance services, movie tickets, books and periodicals, consumer goods, holiday packages, bus/train tickets and pay DTH TV bills. Atom Technologies has over 100 merchants registered for m-commerce transactions.
When contacted, an RCom spokesperson confirmed the development.
"Our discussions with Atom Technologies are part of our m-commerce thrust to offer value propositions and enhance overall mobile experience of over 80 million Reliance Mobile subscribers in the country," he said. He, however, declined to comment on the financial details and revenue expected in case the deal is signed.
