DALLAS, TX and MUMBAI, INDIA--(Marketwired - Jan 26, 2017) - MoneyOnMobile (OTCQX: MOMT) has expanded its payment network to include business-to-business (B2B) transactions. International consulting firm McKinsey and Co. estimates India's 2015 B2B market to be about $15 billion in total flows. (1) MoneyOnMobile's new product increases its addressable market beyond consumer-oriented into business-oriented transactions.
Working with participating banks and the Reserve Bank of India (RBI), MoneyOnMobile has increased transaction size limits, allowing businesses to leverage 325,000 MoneyOnMobile agents to pay for goods and services.
"On a recent trip to Kolkata, I met our local agents who expressed a need to have a business scale transaction service growing their revenue by attracting B2B payments. MoneyOnMobile has opened this large new market, which will enable MoneyOnMobile to increase our transaction count and revenue. We are very excited to be moving into B2B payments while maintaining our growth in consumer payments," said Harold Montgomery, CEO and Chairman, MoneyOnMobile, Inc.
Ranjeet Oak, President and COO, MoneyOnMobile, added, "Our goal is to democratize digital payments by making financial services available to everyone in India -- both individuals and small businesses -- through our last-mile financial network. With this new product, we take another step forward to reaching this goal by allowing businesses, which previously would have transacted mainly in cash, to have access to digital transactions, which have become a necessity following the recent demonetization of larger bank notes in November, 2016."
(1) Source: http://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/financial%20services/latest%20thinkin...
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through Indian subsidiary. MoneyOnMobile is a mobile payment service provider that enables Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cell phone to another, using simple SMS text functionality, MoneyOnMobile Application or Web Portal. The service is now offered to Indian consumers through MoneyOnMobile's over 325,000 retail locations throughout the country. Read about MoneyOnMobile in The New York Times at New York Times -- MoneyOnMobile.
Safe Harbor Statement
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. With the exception of historical information, the matters discussed in this presentation are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MoneyOnMobile, Inc. could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations, inability to hire and retain qualified personnel, and changes in the general economic climate, as well as the risk factors disclosed in MoneyOnMobile, Inc.'s Form 10-K filed on December 1, 2015. MoneyOnMobile, Inc. may, in some cases, use terms such as "anticipates," "continue," "estimates," "predicts," "believes," "potential," "proposed," "expects," "plans," "intends," "may," "could," "should," "might," "will," or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by MoneyOnMobile, Inc. or any other person, that such forward-looking statements will be achieved. MoneyOnMobile, Inc. undertakes no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.