DALLAS, TX and MUMBAI, INDIA--(NewMediaWire - Mar 8, 2017)
- MoneyOnMobile, Inc. (OTCQX: MOMT)
announced an agreement with YES! Bank which provides its Indian
subsidiary a 100% increase in the daily processing limits for the
domestic money transfer business, also known as Domestic
Remittances or Person to Person (P2P) transfers.
"We see strong demand for Domestic Remittances throughout India
and have been constrained by the limits of our processing volume.
We believe this expanded agreement will allow MoneyOnMobile to
capitalize on this demand and continue our growth trend thereby
increasing processing volume and revenue," said Harold Montgomery,
Chairman and CEO of MoneyOnMobile. "We believe that the recent
surge in consumer demand for digital finance tools has contributed
positive results for our processing volume, leading to a 119% increase since
demonetization."
"We are excited to expand our growing partnership with YES!
Bank, which began in December 2016, and appreciate the support we
have received from the team there," added Ranjeet Oak, President of
MoneyOnMobile.
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.
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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