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Money-On-Mobile: 53M Users, Rs 887.3M Processed Transactions As Of May 2013

money-on-mobileMoney-on-Mobile, a mobile money service from the Calpian backed mobile payment service provider My Mobile Payments Ltd (MMPL), claims to have 53 million unique customers as of May 31 2013, up from the 49 million users reported in April 2013, 44 million users in March 2013 and 39.5 million users in February 2013.

As of May 31, 2013, Money-on-Mobile service is being supported by 138,711 retail locations, increased from 134,200 on April 30, 2013, 130,250 on March 31, 2013 and 126,200 on February 28, 2013. The processed transaction volume recorded by the company for May 2013 was slightly over Rs 887.3 million, up from Rs 851 million in April 2013, Rs 810 million in March 2013 and Rs 661 million in February 2013.

According to an SEC filing by Calpian at the end of January 2013, the company had recorded 32.5 million users, up from 2.7 million users in April 2012. It is worth noting that in April 2012, Calpian had acquired 74% stake in DPPL (Digital Payments Processing Limited) which in turn had entered into a services agreement with MMPL.

Caplain Inc Funding of Money on Mobile

Calpian has invested around $4.1 million into MMPL through four different tranches till now and currently owns 45% stake in the company. Previously Calpian had structured its investment in DPPL as an initial and second funding totaling $2.5 million, followed by quarterly tranches of approximately $1.2 million each over the next six quarters, resulting in a cash infusion of $9.7 million.

Apart from this, a total of 6,123,077 shares of its common stock was to be issued over the 6 quarters, although 4,863,077 of the shares are subject to being reclaimed by Calpian if certain financial performance metrics are not achieved.

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