Earlier
this month, e-commerce company Calpian received unconditional approval from the
Finance Ministry of the Government of India, through the Foreign Investment
Promotion Board (FIPB), for its application to own up to 74 percent of My
Mobile Payments Ltd., which currently operates in India as Money-on-Mobile.
This FIBP approval enables Calpian to own a majority of Money-on-Mobile and
eventually consolidate its company financials, which will result in a clearer
market picture of Money-on-Mobile’s growth in India.
Money-on-Mobile
has grown by more than 300 percent in the 20 months since Calpian made its
first investment in India.
Money-on-Mobile,
a prepaid mobile payment solution, originated in 2012 and enables customers to
use their mobile phones to purchase goods and services or to transfer funds
from one cell phone to another through simple SMS text functionality. To date,
Money-on-Mobile has been accessed by more than 75 million unique telephone
customers at over 167,000 retail locations in India.
Calpian
features the best of both worlds in electronic commerce, providing steady cash
flow through its wholly owned U.S. payments business, Calpian Commerce, as well
explosive growth with Money-on-Mobile in India.
Calpian
Commerce provides the merchant community with a full, integrated suite of
payment processing services and related software-enabling products, including
credit and debit card processing, ACH, mobile acceptance and gateway payment
solutions. These services and products are offered to U.S. merchants that
operate in brick-and-mortar facilities as well as through the Internet and in
settings that require wired and wireless/portable payment solutions. Merchants
receive Calpian Commerce’s products and services through the company’s direct
sales force, ISOs, and agent banks.
Calpian
is led by a management team with more than 70 years of combined experience in
the payments business. Company CEO Harold Montgomery is a recognized industry
leader who has provided expert testimony on payments-related issues to the U.S.
Congress and Federal Reserve Bank; he also appears regularly in various
industry publications such as Transaction World Magazine.
For
more information about Calpian, visit www.calpian.com
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