Money On Mobile, the Mumbai-based mobile payments subsidiary of Calpian, says that its monthly transaction volume grew to $90 million (Rs 612.2 crore) for the month of February. This represents a growth of 4.4% from $86 million (Rs 586.3 crore) in January.
Money On Mobile added that it expanded the number of new consumer’s using its service by 3.3 million in February 2016. In January 2015, it had claimed that its service was accessed by more than 121 million cumulative unique users, up from 116 million users in November 2014.
The service is now offered to consumers through 306,423 retail locations throughout the country, an increase of 8,220 stores from January’s 298,203 stores. Money On Mobile allows consumers to use their mobile phones to pay for goods and services, or transfer funds from one person to another using SMS text.
In June 2014, 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 2014, 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.
Other developments at Calpian
In December 2015, Calpian was acquired by Excel Corporation, a provider of integrated financial and transaction processing services to merchants in the US. The purchase includes Calpian subsidiaries, Calpian Commerce Inc. and Calpian Residual Acquisitions LLP, as well as all of Calpian’s US merchant residual portfolios, encompassing approximately 4,000 merchants. These assets were acquired by Excel’s newly created subsidiary, eVance Processing.