DALLAS, TX and MUMBAI, INDIA--(Marketwired - Jan 12, 2017) - MoneyOnMobile, Inc. (OTCQX: MOMT) has launched the MOM ATM in selected retail outlets across India to meet the growing demand for digital money and transactions.
The MOM ATM allows retail merchants to serve as mini-ATMs. Banked customers can withdraw cash from their bank account at one of the company's participating store locations. This will make storing money in banks accounts more attractive to people across the country because they will be able to get access to their funds at a time and place that is convenient to them.
"Demonetization in India has increased demand for cash-out services from consumers. With only 200,000 ATMs in the country, the financial infrastructure is unable to support this demand, creating long lines for frustrated customers. The MOM ATM offers convenient access to cash in locations close to home and work. It will also benefit rural areas of India, given the lower amount of ATM's per citizen in those areas," Ranjeet Oak, President and COO of MoneyOnMobile commented.
"MoneyOnMobile has always supported the banks by providing last mile transactional services. Now, we are proud to support the Government of India's drive to digitize more transactions in more places than ever before," said Harold Montgomery, CEO and Chairman of MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through an Indian subsidiary. MoneyOnMobile enables Indian consumers to use their mobile phones to pay for goods and services; to transfer funds from one cell phone to another; or to get access to funds in their bank account, using one of our retail-assisted touch points; simple SMS text functionality; our MoneyOnMobile Mobile Application; or our Web Portal. Our retail-assisted touch point is now offered through our over 325,000 locations throughout the country. Read about MoneyOnMobile in The New York Times at New York Times - MoneyOnMobile and the company's web site at http://www.moneyonmobile.in.
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