In fact, according to a 2012 study by MasterCard Worldwide, less than half of India’s population has a bank account, though mobile penetration is more than 50 percent and continues to grow at a rapid pace. The Telecom Regulatory Authority of India reports that there are 903.7 million cell phone subscribers in India, with 9.9 million new subscribers signing up each month.
This gap between the underbanked population and those with mobile phone access creates a vast opportunity for market penetration for Money-on-Mobile, which has more than 32.5 million unique phone number customers to-date, and more than 118,000 retail partners offering the payment service.
Money-on-Mobile provides Indian consumers a safe, secure and fast way to transfer money to friends and family even in remote areas. The technology also gives them easy and immediate access to funds needed to pay bills, a vital service especially for Indians living in rural areas who generally have to make time consuming and expensive trips into the city to make payments in person.
Calpian in April 2012 acquired significant ownership of Mumbai-based Money-on-Mobile via newly formed Digital Payments Processing Ltd. (DPPL). Working with Money-on-Mobile, DPPL is the customer face for the store-valued mobile payment service.
For more information visit www.calpian.com
About MissionIR
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website
http://www.missionir.com/disclaimer.html
