DALLAS and MUMBAI, India, Sept. 28, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQX: MOMT) today announced an agreement with ShopClues, one of India's largest e-commerce marketplaces, to enable the in-store purchase of ShopClues products using the MoneyOnMobile platform at any of MoneyOnMobile's participating 335,000 retailers.
Customers who visit one of our enabled retailers will now be able to order from ShopClues, pay for their goods, and have them delivered to their home or the retailer.
Based on recent industry data the e-commerce market in India is expected to triple in size in three years, from $38 billion in 2017 to $119 billion in 2020. This latest enhancement to the MoneyOnMobile platform ensures that anyone in India can shop online, and pay with cash.
"The alliance with MoneyOnMobile is in sync with ShopClues' vision of digitally connecting Bharat Online. This partnership will enable us to further expand our consumer base to more remote parts of India, essentially covering tier III and tier IV cities, along with metros. The walk-in customers will be able to experience a wide range of quality products under ShopClues' Surety program at some of the best price points available in the market," Nitin Kochhar, VP – Categories for ShopClues, commented.
"Our strength lies in our pan-India retailer network, because it enables MoneyOnMobile to provide financial services to the remotest parts of India," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc. "This agreement opens access to the growing e-commerce market for the unbanked and the underbanked in India."
"Indian consumers are heavily reliant on cash for purchases, and this deal allows MoneyOnMobile enabled retailers to assist consumers with online purchasing," said Ranjeet Oak, Joint Managing Director of MoneyOnMobile's Indian operations. "India is estimated to have 600 million people who are unbanked or underbanked, meaning they do not possess a bank account or have little access to the account they do have. Once enabled in their shop, retailers become brick and mortar centers for online shopping. We believe they will connect the world of e-commerce to hundreds of millions of Indians."
Size of India E-commerce market: https://www.forbes.com/sites/greatspeculations/2016/06/27/amazon-tops-indian-e-commerce-market-in-web-traffic/#468a22ee768c
ShopClues Market Position:
ShopClues is India's first and the largest managed marketplace with more than 190 million monthly visitors on its website and was founded in July 2011 in Silicon Valley by Sandeep Aggarwal. With 50 million listed products and over 500,000 merchants, ShopClues aims to provide the best online shopping experience to its customers - starting from the great selection, low price, ease of use, fast delivery, and ending with the best customer service you have ever experienced. ShopClues ships in over 29k pin codes across India and has thousands of online stores.
The company, run by co-founders Sanjay Sethi & Radhika Aggarwal and an energetic team of over 1,000 people, is funded by leading institutional investors, is an Indian subsidiary of Clues Network Inc., a U.S. Corporation, and is based out of Gurgaon.
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 335,000 retail locations throughout India.
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
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