DALLAS and MUMBAI, India, Sept. 5, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQX: MOMT) announced today that it processed more than 1 million domestic money transfer transactions in August 2017. August was the first calendar month in which MoneyOnMobile processed over 1 million domestic transfers.
"To go from product launch to 1 million transactions per month in only 20 months is a remarkable start, and a major growth milestone for MoneyOnMobile. It represents a tiny fraction of the opportunity we have ahead of us," said Harold Montgomery, Chairman and CEO of MoneyOnMobile. "We have, over time, processed transactions for more than 200 million of the estimated 1.3 billion mobile phones across all of India. When those customers begin to make one or multiple transfers each month, and as we add customers, you can begin to see the enormous scope of our potential future growth."
Ranjeet Oak, Joint Managing Director of MoneyOnMobile in India said, "The growth of our domestic money transfers is further proof that MoneyOnMobile is achieving its core mission of serving the underbanked citizens pan-India. We are aggressively marketing our money transfer services and continuously adding retailers to our current network of more than 335,000 retail locations."
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.
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