NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, April 15, 2015

MoneyOnMobile is continuing to ignite India’s mobile money scene — topping 131 million users in March, the company announced yesterday (April 14).

MoneyOnMobile, which is the Indian subsidiary of U.S.-based Calpian, also hit a transaction processing volume of $29.3 million (1.762 billion rupees), which is a 27.1 percent increase from February’s figures. Since launching in 2010, MoneyOnMobile has been accessed by 131 million users, and in March alone the company grew by 3.5 million unique users.

Since its inception, the company has seen continual growth across the region as it aims to provide a cheap and efficient way for India’s cash-centric population to pay their bills using a mobile device. The company also added domestic remittances at the end of 2014, and in March, MoneyOnMobile saw roughly $5.8 million in volume with over 98,000 transactions, according to Shashank Joshi, President of MoneyOnMobile.

“Domestic remittances have grown over 100 percent per month on average since launch. This remarkable growth is part of the increase in overall volume this month,” he said.

MoneyOnMobile is a mobile payments service provider that allows Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cellphone to another using simple SMS text functionality. The service is now offered to Indian consumers through 252,815 retail locations throughout India, which is a monthly increase of 5,344 stores from February’s figures.