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MoneyOnMobile Launches 80 Additional Services to Meet Growing Digital Payment Demand

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MoneyOnMobile Launches 80 Additional Services to Meet Growing Digital Payment Demand

PR Newswire

DALLAS and MUMBAI, India, June 1, 2018 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQB:MOMT), one of India's largest phone-based mobile payment networks, announced the launch of the Reserve Bank of India's payment service (Bharat Billpay) through the MoneyOnMobile retailer platform. The launch of this new service enables its retailers to meet the growing demand for digital payment services among the estimated 600-800 million unbanked/underbanked population of India, and increase the monthly spend of their existing customers. The eighty additional services cover a wide range of billers from electric, water, and gas utilities, to mobile bills and television recharge. 

"We are excited about the launch of the Bharat BillPay service on our retailer portal. We believe it will help MoneyOnMobile continue to transform the cash experience for retailers and their customers. With such a large number of services being added, consumers can convert their cash into digital payments to access more of the vital, everyday services that make their lives easier," says Harold Montgomery, CEO and Chairman, MoneyOnMobile.

"Our goal is to help retailers deepen their engagement with the community they serve. By enabling new services being demanded by their customers, retailers are able to meet the growing demand, and be the 'one-stop shop' people can visit for access to financial services. This helps the company grow our retailer base, grow the share of consumer wallet, and increase retailer retention," says Will Dawson, Chief Operating Officer, MoneyOnMobile.

About MoneyOnMobile, Inc.

MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. 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 350,000 retail locations throughout India.

About Bharat Bill Pay

The Bharat bill payment system is a Reserve Bank of India (RBI) conceptualized system driven by National Payments Corporation of India (NPCI). It is a one-stop ecosystem for payment of all bills providing an interoperable and accessible "Anytime Anywhere" bill payment service to all customers across India with certainty, reliability and safety of transactions.

Bharat BillPay has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt. It offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills etc. through a single window. In future biller categories may be expanded to include insurance premium, mutual funds, school fees, institution fees, credit cards, local taxes, invoice payments, etc. An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any bill related problems in Bharat BillPay.

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 6, 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.

Media Contact (India):
Navaz Damania
Vice President - Corporate Communications
+91-9167122661
navaz.damania@moneyonmobile.in

Media Contact (Global):
Greg Allbright
Head of Global Communications
Dallas, Texas
+1 (214) 208-0923
gallbright@moneyonmobile.in

Investor Relations:
Integra Consulting Group, LLC
Jeremy G. Roe, Founder, Managing Partner
+1 (925) 262-8305
jeremy@integracg.net

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/c/MoneyOnMobileofficial

 

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SOURCE MoneyOnMobile, Inc.

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