MoneyOnMobile Inc (MOMT)

[MissionIR]

CLPI Money-on-Mobile Now Serving More than 71 Million Users in India

Calpian, a company that maintains mobile payment emerging-market operations through its subsidiary in India, reported substantial increases in the number of unique phone number customers using the Money-on-Mobile service as well as the number of retail locations offering the service as of September 30, 2013.

Calpian noted that as of September 30, 2013, the Money-on-Mobile service had become available in 163,076 retail locations, up 5,216 stores from 157,860 retail locations on August 31, 2013. The company also highlighted that around 71.4 million unique phone number customers have accessed Money-on-Mobile from the service’s launch time to September 30, 2013. That is approximately an increase of 4 million monthly unique users between August 31 and September 30 of this year.

The processed transaction volume for September 2013, measured in Indian rupees, slightly surpassed 854 million INR. Measured at current exchange rates, the September processed transaction volume was approximately $14 million, down from August’s $14.2 million. Calpian’s senior management notes it is strongly encouraged by the growth Money-on-Mobile has been experiencing on a monthly basis.

According to Calpian CEO, Harold Montgomery, “Money-on-Mobile continues to show an increased growth rate in stores participating in the system. In the last two months we have added over 6,000 and over 5,000 new retailers respectively. We are pleased to see the popularity of our Money-on-Mobile service grow with each passing month.”

Money-on-Mobile CEO Shashank Joshi stated, “We continue to be very encouraged by the accelerating rate of new store additions to the Money-on-Mobile network.”

Money-on-Mobile is a prepaid payment solution that is available to Indian consumers, most of whom do not have accessibility to banking accounts or conventional forms of credit. The service makes it easy for these consumers to easily engage in money transfers and enables them to acquire funds to pay bills with ease.