MoneyOnMobile Inc (MOMT)

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CLPI Money-on-Mobile Receives 5-Year Renewal Authorization to Continue Mobile Payments System in India

Calpian, a company that maintains mobile payment emerging-market operations through its subsidiary in India, today announced that its Money-on-Mobile subsidiary, My Mobile Payments Ltd., has received a five-year renewal of its authorization to operate a mobile payments system in the country. Money-On-Mobile is the largest provider of mobile currency transactions in India. As of September 31, 2013, the service has more than 71 million unique users and more than 163,000 participating locations in India.

Money-on-Mobile CEO Shashank Roshi in a news release stated, “The license granted to Money-on-Mobile was originally for 2 years and is now renewed for 5 years. This displays the regulator’s confidence in our ability to bring more consumers to the digital paperless payment platform, in turn helping the RBI realize their goal of a 70% paperless transactions consumer economy.”

Money-on-Mobile’s prepaid payment solution 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.

For more information, visit www.calpian.com