Beam is planning to invest Rs. 500 crore for its expansion plans across India by March 2012.
Anand Shrivastav, chairman and managing director, Beam said, "By March 2012, we will invest Rs. 500 crore for pan-India expansion of our business.There is no need to download any software for transferring money. The user just can transfer money or pay utility bills, grocery shop or mobile phone bills by sending an SMS, IVRS or through our website." The funds will come from overseas investors in the company. Except Airtel, all mobile phones can be recharged using Beam service. We have an automatic system that recognizes the telecom operator from the mobile number and recharges the phone in a couple of minutes from the time our system receives the command. We make payment to registered merchants at every fix cycle."
Beam provides mobile payment services for electronically transferring money from mobile to mobile. Under this mobile payment service, a user need to register once with Beam and for the service, he should have money in his Beam account which can be loaded using a credit or debit card or a Beam recharge voucher. He can transfer money from mobile to mobile or pay bills by sending an SMS in the format set by the company or using an interactive voice response service and through the Beam website.
