Indian mobile payment service Beam is expanding its services across India and is planning to invest Rs 500 crore ($113 million) to fund the expansion, according to techcircle.in. The article says the funds are coming from overseas investors.

Beam provides money transfer services from prepaid accounts using a mobile phone. Accounts can be funded through bank or credit card accounts, or through a network of independent Beam "facilitators." Once funded, customers can then shop, buy tickets, pay bills or top up mobile phone accounts.

Started in 2009, the article says, Beam currently has a network of 50,000 retailers and 20,000 registered merchants with more than 5 million customers. According to the article, Beam expects to double its users by next March.

A recent report by Boston Consulting Group said that mobile money services in India are becoming increasingly competitive. The country has more than 500 million mobile phone subscribers, but more than half of Indian households do not have bank accounts. Several partnerships, such as one between wireless carrier Bharti Airtel and the State Bank of India, as well as one between handset manufacturer Nokia and U.S. payment company Obopay, have begun offering mobile money services to the Indian market.