DALLAS, TX and MUMBAI, INDIA--(NewMediaWire - Feb 21, 2017)
- MoneyOnMobile,
Inc. (OTCQX: MOMT) today announced its mobile payments
platform, one of the largest in India, now has access to an
additional 116 banks throughout India, doubling its potential
customer base, potential revenue and processing volume. Access to
these new banks means more customers across the country can
complete financial transactions digitally at one of MoneyOnMobile's
325,000 retail merchants.
"This is an exciting move for MoneyOnMobile to expand into
smaller cities, towns, and villages with little financial
infrastructure," said Harold Montgomery, CEO and Chairman of
MoneyOnMobile. "There are only 155,000 branch banks in India and
about 200,000 ATMs -- one-tenth the number per capita compared to
the United States. So, the 600,000 villages are terribly
under-served. When we get MoneyOnMobile into a retail store in a
village, the store really becomes a financial services
center."
Ranjeet Oak, President and COO, MoneyOnMobile said, "Our goal is
to democratize digital payments by making financial services
available to everyone in the remotest part of India through our
last mile financial network. We believe banks appreciate the
services we provide, as it enables them to get more deposits and it
is also a new opportunity for the bank customers to perform remote
digital transactions."
When customers visit a MoneyOnMobile retail location, they give
the merchant cash they wish to deposit into a bank account, for
themselves or someone they know. Before today's announcement,
customers were limited to using banks that are connected to the
Immediate Payment Service (IMPS). This expansion is made possible
by connecting to the National Electronic Funds Transfer (NEFT)
system, which is considerably larger, in terms of money flow, than
the IMPS.
MoneyOnMobile believes it is possible to double its processing
volume with access to this larger pool of transactions. And, it
will enable retailer partners to earn more revenue because
MoneyOnMobile supports a new family of transactions those merchants
could not process before.
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is a global mobile payments technology and
processing company offering mobile payment services through its
Indian subsidiary. MoneyOnMobile enables Indian consumers to use
mobile phones to pay for goods and services or transfer funds from
one cell phone to another. It can be used as simple SMS text
functionality or through the MoneyOnMobile application or internet
site. MoneyOnMobile has more than 325,000 retail locations
throughout India.
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of offers to buy any securities of any entity. This release
contains certain forward-looking statements based on our current
expectations, forecasts and assumptions that involve risks and
uncertainties. Forward-looking statements in this release are based
on information available to us as of the date hereof. Our actual
results may differ materially from those stated or implied in such
forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors
disclosed in our Form 10-K filed on August 19, 2016.
Forward-looking statements include statements regarding our
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release, whether as a result of new information, future events or
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Web site: http://MoneyOnMobile.in.
Twitter: https://twitter.com/MoneyOnMobileir
Facebook: https://www.facebook.com/MoneyOnMobileIR/.
LinkedIn: https://www.linkedin.com/company/MoneyOnMobile
YouTube: https://www.youtube.com/channel/UCxqO4N1z9acnQmEysjqfBaQ