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Money-On-Mobile surpasses 100 Million unique users in India

Calpian has announced that for the month ending August 31, 2014, its Mumbai-based subsidiary Money-On-Mobile has been accessed by more than 103 million cumulative unique users since its inception with a total of 7.7 million users accessing the service in August.

Money-On-Mobile is a mobile payments service provider that enables Indian consumers

Money on Mobile logo

Money-On-Mobile surpasses 100 Million unique users in India

to use their mobile phones to pay for goods and services, or transfer funds from one phone to another using simple SMS text functionality.

Money-On-Mobile is now offered to Indian consumers through 210,497 retail locations throughout India, an increase of 5,687 stores compared to 204,810 stores in July.  Processed transaction volume for August 2014 in Indian rupees exceeded 1.1 billion INR, a 62% increase compared to the single month volume processed six months ago for the month ending Feb. 28. At current exchange rates, the August 2014 processed transaction volume was approximately $18.2 million.

“Surpassing 100 million cumulative unique users is a significant milestone for Money-On-Mobile and indicative of our team’s ability to drive rapid growth in terms of new and returning users, processed transaction volume and in expanding our retail distribution network,” says Shashank Joshi, founder and managing director of Money-On-Mobile.

“Mobile money provides a simple way for Indian consumers to pay for everyday expenses such as utility, mobile phone and cable television bills. We remain focused on executing our plan to deliver secure mobile money services for India’s more than 900 million mobile phone subscribers.”

“Since the beginning of the year, we have added more than 23 million new Money-On-Mobile users and over 36,000 new retail distribution partners, further reinforcing our value-added service and high-growth market opportunity,” continues Calpian CEO, Harold Montgomery. “I continue to be pleased with the Money-On-Mobile team’s ability to execute our plan focused on attracting new users, expanding our retail partner distribution channel, and increasing processed volume.”

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