MoneyOnMobile to Offer Two-Wheeler Coverage through India's Leading Private Insurance Carriers

DALLAS and MUMBAI, India, Oct. 31, 2017 /PRNewswire/ --  MoneyOnMobile, Inc. (OTCQB: MOMT) announced today a partnership with Infinity Business Partners, which has enabled MoneyOnMobile retailers to serve as payment collectors for two-wheeler (motorcycles and mopeds) insurance products purchased by consumers for several of the leading insurance providers of India.

"We are excited to work with MoneyOnMobile to provide the 'last mile' payment option for this much needed insurance product through their mobile payment platform. There are at least 150 million 2-wheel vehicles currently registered in India, with 17.7 million purchased in 2017 alone. Based on industry estimates the market size adds up to approximately $1 billion," said Sorah Bhandari, Founder Partner, Infinity Business Partners.

"While the government has mandated liability insurance for all motor vehicles, recent research shows that approximately 60 percent of vehicles are still uninsured. By removing barriers to paying for insurance, MoneyOnMobile provides easy consumer access by simplifying the fulfillment process across its 335,000 retail locations," said Suvendu Prusty, Founder Partner, Infinity Business Partners.

"Our alliance with Infinity Business Partners is part of our strategy of increasing the number of essential payments available to customers through the MoneyOnMobile retail network. Delivering a one-stop shop for all the key payments needed by our customers is key to our strategy and growth," said Harold Montgomery, Chairman and CEO of MoneyOnMobile. "Cash payments that occur at various service provider locations requires a lot of time off of work for travel and waiting in queues. With MoneyOnMobile, consumers can convert cash to digital payments to pay many service providers at a single MoneyOnMobile retailer. When you consider that Indians are estimated to lose more than $2 billion a year in lost income due to travel between payment centers and banks this service plays a vital economic boost to our customers."

Ranjeet Oak, Joint Managing Director of MoneyOnMobile in India said, "Our retailers have the advantage of offering services like two-wheeler insurance premium collection, phone recharging, money transfers, and train tickets through the MoneyOnMobile network without independently negotiating commission agreements with service providers. At the same time, our last-mile network of financial services provides a huge convenience opportunity for the many unbanked and underbanked citizens across India."

References:
Number of two-wheelers: http://knowindia.net/auto.html
Two-wheeler annual sales: http://timesofindia.indiatimes.com/auto/bikes/india-is-now-worlds-biggest-2-wheeler-market/articleshow/58555735.cms
Insurance rate/mandate: http://sites.ndtv.com/roadsafety/60-of-vehicles-in-india-are-not-insured-and-most-of-these-are-two-wheelers-3027/

About MoneyOnMobile
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 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: www.MoneyOnMobile.in
Twitter: https://twitter.com/MoneyOnMobile
Facebook: https://www.facebook.com/MoneyOnMobile.Official/
LinkedIn: https://www.linkedin.com/company/moneyonmobile
YouTube: https://www.youtube.com/channel/UCxqO4N1z9acnQmEysjqfBaQ

SOURCE MoneyOnMobile