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…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...