Mobile payments subsidiary extends market leadership in India, increases March transaction volume 6 percent over February
DALLAS, TX / ACCESSWIRE / April 15, 2014 / Calpian, Inc. (CLPI) announced today that for month ending March 31, 2014, its Indian subsidiary Money-On-Mobile has been accessed by 86.57 million unique users since its inception, an increase of 2.3 million from February. Mumbai-based Money-On-Mobile is a mobile payments service provider that enables Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cell phone to another using simple SMS text functionality.
Money-On-Mobile is now supported by 181,406 retail locations, an increase of 2,114 stores from 179,292 stores in February. Processed transaction volume for March 2014 in Indian rupees was 725.8 million INR compared to 682.3 million for the previous month. At current exchange rates, March processed transaction volume is approximately $12 million US.
“March transaction volume increased 6.37 percent from February, continuing strong growth,” said Calpian Inc. CEO Harold Montgomery. Money-On-Mobile CEO Shashank Joshi stated, “We are very pleased with the results.”
A pre-paid mobile payment service, Money-On-Mobile provides a vital service to Indian consumers – many of whom do not have bank accounts or access to traditional forms of credit. While 70 percent of India’s 1.2 billion citizens live in some 600,000 rural villages, Money-On-Mobile provides a safe, secure and fast way for consumers who work in the cities to send money to friends and family in more remote areas. As most of villagers have mobile phones in their families, Money-On-Mobile provides them easy and immediate access to the funds they need to pay their bills and support their families.
About Calpian, Inc.
Calpian’s wholly owned subsidiary, Calpian Commerce, provides the merchant community with an integrated suite of payment processing services and related software enabling products. Calpian Commerce offers credit and debit card processing, ACH, mobile acceptance and gateway payment solutions to merchants in the U.S. operating in a physical “bricks and mortar” business environment and/or over the Internet, and in settings requiring wired as well as wireless/portable payment solutions. Calpian Commerce delivers its products and services to merchants via three delivery chains: a direct sales force, ISOs and Agent Banks.
Since April 2012, Calpian’s Indian subsidiary, Money-on-Mobile, a pre-paid mobile payment solution, has been accessed by approximately 86 million unique telephone number customers at over 181,000 Indian retail locations.
Calpian’s management team has over 70 years in combined experience in the payments business. Calpian’s CEO, Harold Montgomery, is a recognized industry leader who has provided expert testimony to the U.S. Congress and Federal Reserve Bank on payments-related issues and regularly appears in numerous industry publications, such as Transaction World Magazine. Please visit our website at http://www.calpian.com/ for more information.
Note to Investors:
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on March 31, 2014 and the Form 10-Q filed on August 14, 2013 and November 14, 2013. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Vice Pres. – Investor Relations
SOURCE: Calpian, Inc.