SOURCE: MoneyOnMobile, Inc.

MoneyOnMobile, Inc.

February 21, 2017 08:00 ET

MoneyOnMobile Doubles Addressable Market Size of Its Money Transfer Product

Adds 116 New Banks So More Customers Can Send Money Through its Agent Network

DALLAS, TX and MUMBAI, INDIA--(Marketwired - 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.

Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation 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 expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

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

Contact Information

  • Media/Investor Relations Contact:
    Greg Allbright
    VP, Corporate Communications
    MoneyOnMobile
    +1-214-758-8609
    gallbright@moneyonmobile.in