Looks like Firefish (mLakshmi) has competition that has already been doing business in India.
About MoneyOnMobile, Inc.
"MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through Indian subsidiary. MoneyOnMobile is a mobile payment service provider that enables Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cell phone to another, using simple SMS text functionality, MoneyOnMobile Application or Web Portal. The service is now offered to Indian consumers through MoneyOnMobile's over 325,000 retail locations throughout the country. Read about MoneyOnMobile in The New York Times at New York Times -- MoneyOnMobile."