DALLAS and MUMBAI, India, June 12, 2017 /PRNewswire/ --MoneyOnMobile, Inc. (OTCQX: MOMT) today reported increases in monthly revenue across all major product categories, including an 86% increase in domestic remittance and MOM ATM revenues from April to May 2017.
"We are excited to see continued positive growth results from our products and services. The top two lines of the chart below represent significant revenue drivers of our business. We believe our domestic remittance (money transfer) business continues to grow based on the recent line of credit increases, which allows us to increase our daily processing capacity, and strong demand for these services in our target market," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc.
"We are encouraged with our significant growth in the MOM ATM product. Our retailers find significant value in our MOM ATM product as a way to differentiate their business from the competition. Having a product in their store that provides cash-out services and serves as a mobile point of sale solution in a country with limited financial infrastructure cements their relationship with MoneyOnMobile," said Ranjeet Oak, Managing Director of MoneyOnMobile's India subsidiary.
Percentage Change in Revenue Categories by Transaction Type since December 2016
Category |
Jan-17 |
Feb-17 |
Mar-17 |
Apr-17 |
May-17 |
Domestic Remittance / MOM ATM |
133% |
10% |
42% |
19% |
86% |
Mobile / TV Top-Up |
-9% |
-25% |
3% |
-6% |
3% |
All Other |
3% |
-17% |
14% |
-15% |
16% |
MoneyOnMobile generates revenue in two ways, depending on the transaction type: either a fixed fee per transaction, or a percentage discount on the amount of the transaction. The figures above are grouped based on the commission type MoneyOnMobile receives. Domestic remittance and MOM ATM generate revenues for the retailer and MoneyOnMobile based on a fixed fee for each transaction, regardless of transaction size. Mobile and TV top-up generate revenues to retailers and MoneyOnMobile based on a percentage commission of the amount of the transaction.
About MoneyOnMobile, Inc.
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. http://companiesinindia.net/top-10-ecommerce-companies-in-india.html
Safe Harbor Statement
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 August 19, 2016. 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: www.MoneyOnMobile.in
Twitter: https://twitter.com/MoneyOnMobile
Facebook: https://www.facebook.com/MoneyOnMobile
LinkedIn: https://www.linkedin.com/company/moneyonmobile
YouTube: https://www.youtube.com/channel/UCxqO4N1z9acnQmEysjqfBaQ
SOURCE MoneyOnMobile, Inc.
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