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More than 15% of mobile phones in India have used MoneyOnMobile
DALLAS and MUMBAI, India, Aug. 22, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (MOMT) announced it recently served its 200 millionth cumulative unique phone number.
"This metric is an important measure of our growth because it shows the reach of our retail network. Our strategy is to gain exposure to consumers at the lowest cost possible," said Harold Montgomery, Chairman and CEO of MoneyOnMobile. "Serving 200 million unique phone numbers in a five-year period demonstrates the effectiveness of our distribution strategy in exposing our services to a large segment of the population at a very low cost. It is this scale that attracts strategic partners to work with MoneyOnMobile since we can reach a significant number of customers."
Ranjeet Oak, Joint Managing Director of MoneyOnMobile in India said, "To avail 200 million unique phone numbers proves the strong demand for MoneyOnMobile products and services pan-India. Being a last-mile provider of financial services that are relevant to the lives of Indians is one of our core elements. MoneyOnMobile is especially pleased that we are meeting the needs of underserved consumers by facilitating them with last mile financial inclusion through our vast pan-India retail network."
"It is estimated that there are 1.3 billion mobile phones in India," said Will Dawson, Chief Operating Officer of MoneyOnMobile. "It is common for people to have more than one phone number, so while we do not have an exact count of unique number of individuals served, it does mean we have serviced over 15% of the mobile phones in India."
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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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.