Payments processor Calpian reports growing adoption of its mobile money services in India.
Calpian's mobile payments subsidiary, Money-On-Mobile, has surpassed 112 million users since the Dallas-based company started accelerating its mobile money services in India earlier this year after receiving a $5 million infusion from Hall Financial Group. In October, 8.4 million users started accessing the Money-On-Mobile service.
Money-On-Mobile permits Indian consumers to use their mobile devices to pay for goods and services, as well as transfer funds from one cellular phone to another using text messages. More than 225,000 retail locations throughout India support Money-On-Mobile, which is an increase of nearly 5,000 stores compared to September.
Additionally, processed transaction volume for October in Indian rupees exceeded 1.26 billion INR, which is approximately $20.5 million USD. This volume is 48% higher over the past six months, a Nov. 21 press release said.
"With more than 900 million mobile phone subscribers and over 500 million unbanked citizens in India, the opportunity for mobile money is significant," said Shashank Joshi, founder and managing director of Money-On-Mobile, in the release. "We pleased with our growth to date and remain focused on expanding our service across the country."