Mobile payments service provider Calpian released new growth figures for its Money-On-Mobile unit in India.
The Dallas-based company's Money-On-Mobile subsidiary has been used by more than 116 million users through November. At the end of October, over 112 million users adopted this payments service.
Money-On-Mobile allows Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cell phone to another using text messages.
Overall transaction volume for November exceeded $19 million, which is up 83% compared to the same month a year earlier, the company said in a Dec. 23 press release. Nearly 230,300 retail locations throughout India offer Money-On-Mobile.
"The global market for mobile payments is rapidly expanding with India being the most compelling market of all," said Harold Montgomery, chief executive at Calpian, in the release. "Money-On-Mobile delivers a model for mobile payments that works, and we remain focused on driving growth and expanding service offerings."