- India has world’s second-largest population at 1.35 billion
- India is largest under-banked population in the world
- MoneyOnMobile services under-banked with digital mobile payment network
- 39 percent monthly compounded revenue growth in Q1
With an average growth rate of around seven percent over the last two decades, India’s economy is the sixth-largest in the world measured by GDP and the third-largest by purchasing power. In spite of its economic prowess, the Indian consumer market is the largest under-banked population in the world. Banking services are scarce and woefully inadequate, forcing cash transactions and chocking consumer purchasing power. A prime example of scarce banking services is India’s paltry 200,000 ATMs servicing its 1.35 billion citizens. India would need two million more ATMs in order to have the same ratio of ATMs to people as in the U.S.
Since 2010, MoneyOnMobile, Inc. (OTCQX: MOMT) has been delivering needed services to India’s vast un-banked and under-banked population. MoneyOnMobile is a digital mobile phone payment network that allows consumers to deposit cash with one of its 335,000 retailers in 700+ cities. MoneyOnMobile is authorized by the Reserve Bank of India (RBI) to set up this semi-closed payment network, which enables registered users to buy goods, products and services from registered merchants.
The consumers’ cash deposits become digital currency in MoneyOnMobile’s computerized records. Consumers then have the ability to perform over 55 different transactions, including various bill payments, cash withdrawal, domestic remittances and money transfer using only their mobile phone and SMS text messaging. The system is faster, safer, more reliable, cheaper and much easier to use than transacting in all cash.
MoneyOnMobile is being embraced by the Indian un-banked and under-banked consumer, and the company’s reach into the remotest parts of India makes it the go-to prepaid instrument on the market today. The company has already served over 198 million cumulative unique mobile phone number users and has processed $1.8 billion worth of transactions. Convinced it’s just getting traction, MoneyOnMobile had 39 percent monthly compounded revenue growth in the three months from January to May 2017.
MoneyOnMobile’s cellular prepaid digital payment system is directly centered in one of highest spheres of growth in the financial services arena. The company’s no-cost to end-user services meet a vast unmet need in one of the world’s most populated countries, providing users newfound flexibility and self-dependence. It shouldn’t be long before MoneyOnMobile’s growth numbers eclipse the first three months of this year.
For more information, visit the company’s website at www.Investors.MoneyOnMobile.in
