The company’s India-based subsidiary, Money-on-Mobile (MOM), provides Indian consumer’s with the ability to make payments via cell phone. This company’s mobile payment application addresses several significant needs among the Indian consumer, distributor, and retail populations, and has been dubbed as the “PayPal” of India.
The technology provides the under-banked and unbanked consumers in India with the ability to use their mobile phones to pay for goods and services or transfer funds from one cell phone to another using SMS text functionality – this eliminates long and expensive treks to the city by rural citizens who need to pay bills, and also eliminates the need to stand in long lines to make bill and/or utility payments. The convenience and subsequent wide-spread use and demand of the technology has warranted increased growth rate in stores participating in the system.
Since the spring of 2012, MOM has signed approximately 53 million consumers though its vast network of 143,000. In response, Calpian added between 4,000-8,000 new retail locations in the second half of 2013, and says it anticipates continued growth. The company’s revenues in India have achieved year-over-year revenue growth of 300 percent and are on track for triple-digit growth again in 2013.
For more information, visit www.calpian.com
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