Calpian, Inc. (CLPI) has announced that as of October 31, 2012, the Money-on-Mobile service offered by its Indian subsidiary is now being supported by over 110,000 retail locations and accessed by approximately 17.8 million unique users since April 1, 2012. The October 2012 processed transaction volume, measured in Indian rupees, was 536.5 million INR – a 3.4% increase over processed volume in September 2012. At current exchange rates, October processed transaction volume was approximately $9.8million.
“We are thrilled that the Money-on-Mobile product has achieved such widespread acceptance by customers and retailers in India. Money-on-Mobile provides a necessary service to the millions of un- and under-banked Indian consumers who use their cell phones to make payments and move money on a daily basis,” says Calpian CEO, Harold Montgomery, “and we believe that the growth in the number of retailers and users taking advantage of Money-on-Mobile is truly remarkable.”
Shashank Joshi, onsite Indian manager, said “With over 1 Billion people and 650 million cell phones in India, we believe that there is still room for significantly more growth in this market.”
