Published By : 28 Jun 2018 | Published By : QYRESEARCH
MoneyOnMobile, a US-headquartered digital payments company is planning to invest US$6.2 mn into its business arm in India. This step is directed towards the expansion plans of the company in this country. The firm, which concluded a fund raising recently, has plans to increase the number of its card-swiping terminals to nearly 30,000 from the current 5,000 by the end of this year. Harold Montgomery, the chief executive officer of the company, told that they see India as one of the most promising payments markets across the world and that is why they want to expand the footprint of the company in a bid to enable the poorer as well as the rural sections of the economy to start handling their money digitally. “The company have retail outlets where customers can just walk in and make transactions, such as remittances bill payments, and cash out. The company has also allowed UID-enabled transactions, thereby making a mini-ATM in remote rural areas,” he told further.
MoneyOnMobile has a prepaid payment instrument (PPI) license given by the Reserve Bank of India (RBI). It operates closely with a number of banks to offer efficient payment services to customers. Various banks, such as Yes Bank, RBL Bank, and ICICI Bank are some of its partner entities. “The company has a strong base in the eastern India. Now it is focusing on expanding across the northern as well as the western parts of the country. It wants to have a presence across the entire 1 mn retail locations in India in the long run,” added Montgomery. The company is said to be installing nearly 1,000 additional terminals every single month.