DALLAS and MUMBAI, India, Sept. 13th, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQX: MOMT) announced today the results of an internal eight-month review which examined the revenue impact of MOM ATMs for MoneyOnMobile. The findings revealed revenue from enabled retailers grew by an average of 172% when comparing the month prior to taking on a MOM ATM in their stores to the first month after.
"Every time one of our retailers conducts a MoneyOnMobile transaction, our retailer earns a fee and so does MoneyOnMobile. So, we are excited that our MOM ATM product has driven an increase in revenues at the 2,000+ locations where we have installed them. This review demonstrates that our existing agent network of retail stores can increase sales for themselves and for MoneyOnMobile by installing one of these handheld devices. This new service is also increasing the productivity of stores we already have in the network. Showing that we can grow our overall revenue without adding any new stores is an exciting development and part of our overall growth strategy. We now have three ways to grow – increasing the number of stores, increasing the productivity of each location, and increasing the frequency with which consumers use our services," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc.
MoneyOnMobile launched its wireless ATM product in December 2016 to facilitate cash withdrawals through its pan-India retail network. In a country of more than 1 billion people, where nearly 90% of consumer transactions are conducted in cash.
"We believe that MOM ATMs are filling a huge void, especially for the underbanked, by empowering consumers to move from physical currency to digital and back, both seamlessly and instantly," commented Ranjeet Oak, Joint Managing Director of MoneyOnMobile.
"India would need to add 2 million additional bank style ATMs in order to have a similar per capita number of them as the United States," said Will Dawson, COO of MoneyOnMobile. "Our hand-held, low cost, wireless MOM ATMs complete the 'last-mile' financial infrastructure for people to access their bank accounts. India went from no phones to mobile phones, from no internet to mobile internet. We are assisting the country in transitioning from physical cash directly to digital mobile payments."
MoneyOnMobile retailers who have MOM ATMs saw additional foot traffic driven by the service, increasing their processing volumes and transaction counts across all the transaction types they offer, including prepaid mobile top up, bill payment and domestic remittances. Details of the review methodology are noted below.
1. Retailers included in the MOM ATM review group were limited to those who had performed at least one transaction the month prior to and one month after taking on a MOM ATM in their stores.
2. The control group included all retailers who were not using a MOM ATM in the same month as the review group, and who had performed at least one transaction in the month prior to, and the month after, the review group took on the MOM ATM.
3. Ten months' worth of data was examined, which created eight unique cohorts of MOM ATM review vs. control groups - December 2016 to July 2017.
4. Data from three core business metrics – number of transactions, processing volume, and revenue – were averaged together across the eight-month review period.
5. The averages of both the MOM ATM review and control group were then compared to produce the 172% revenue growth number. This represented a number over and above the growth seen by the control group.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or Internet site. MoneyOnMobile has more than 330,000 retail locations throughout India.
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This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6th, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Web site: http://MoneyOnMobile.in
SOURCE MoneyOnMobile, Inc.