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MoneyOnMobile revenues grow 11% to $1.27M processing payments worth $224M

MoneyOnMobile, formerly known as Calpian Inc, has reported revenues of $1.4 million for the quarter ended June 30 (Q1 2017). This represents a growth of 10.69% from $1.27 million from the same quarter last year. The company processed $224 million in the quarter compared to $108 million in the same period last year, a growth of 108%. Over the last 12 months, MoneyOnMobile has processed payments worth $845 million, CEO Harold Montgomery said in a call with analysts. "The main growth driver in this processing volume increase was domestic remittances," he added. MoneyOnMobile says that it has served 182 million mobile users till date and has 319,292 retail stores on its retail payment network. MoneyOnMobile’s primary business is money transfer within India, but like other offline digital wallet players, including Oxigen, the money is also used for purchasing tickets and paying bills: Consumers deposit cash with one of its agents at a retail location, and it gets deposited into a wallet. Then an agent can use that money to pay bills or transfer the money to a designated user elsewhere, using only the mobile phone and SMS text messages. Calpian was launched in 2011 to buy credit card processing assets, invested in MoneyOnMobile in 2012. But earlier in 2016, it sold its credit card processing assets and was left with MoneyOnMobile. Since then, it has renamed itself as MoneyOnMobile and is concentrating on growing this business.  Gross profit stood at $745,269 growing 42.27% from $523,825 in the same quarter last…

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