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Money On Mobile claims 121 m users and Rs 122 crore transactions as of December

Money On Mobile, the Mumbai-based mobile payments subsidiary of Calpian, claims to have been accessed by more than 121 million cumulative unique users, up from 116 million users in November 2014. The company said that a total of 9 million users accessed the service in December.

money on mobile

Money On Mobile is now supported  by through 236,271 retail locations throughout India,  an increase of 5,897 stores compared to 230,374 stores in November. Processed transaction volume for December 2014 exceeded Rs 122 crore, an 83% increase compared to the single month volume processed a year ago for the month ending December 31.

In comparison, Money on Mobile’s competitor Airtel Money had reported an active base of 1.7 million for Q4-FY14, up from 1.3 million in the previous quarter. The amount transacted up 10.2% quarter-on-quarter (QoQ) to Rs 1,364.2 crore for the quarter, while the total number of transactions was at 38 million.

Other developments

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Money On Mobile reported revenues of Rs 322.1 crore ($52.2 million) for the quarter ended September 30, 2014, registering a 34% growth from Rs 240.5 crore in the previous quarter and up 76.3% from Rs 182.7 crore in the quarter before.

In June,  My Mobile Payments Limited (MMPL) which operates Money On Mobile, acquired a significant stake in the Mumbai-based OSS India for an undisclosed amount. OSS India currently operates the cash card service Done Card and a range of consumer-centric services under the One Stop Shop brand.While the terms of the deal were not disclosed, MMPL mentions that it will be offering financial support to OSS India to relaunch the service, although it hasn’t disclosed any specific details on this.

In the same month, Calpian increased its stake in the company to a majority stake of 69% up from 49.9% stake as of December 2013. In April, Money On Mobile was selected by the Unique Identification Authority of India (UIDAI) for a mobile cash out pilot using biometric authentication. This pilot will be rolled out in Mumbai, Delhi, Kolkata and Surat through 52 existing retail partner locations.

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