Calpian, a U.S.-based company focused on mobile payments emerging-market operations through its subsidiary in India, today reports that as of August 31, 2013, the Money-on-Mobile (NYSEARCA:MOM) service offered by its Indian subsidiary is available now at 157,860 retail locations, an increase of 6,330 stores from 151,530 stores at the end of July 2013. Furthermore, MOM was accessed by nearly 68 million unique phone number customers from inception through August 31, 2013, up from nearly 63 million reported from the previous month.
"Money-on-Mobile continues to show an increased growth rate in stores participating in the system," Calpian CEO Harold Montgomery stated in the press release. "Whereas we had added 3,000 to 4,000 stores per month, in the last two months we have added over 8,000 and over 6,000 respectively. Month after month we are seeing further evidence of the increase in popularity of our Money-on-Mobile service."
MOM is a stored-value mobile payments service that gives consumers in India the ability to use their mobile phones to pay for goods and services or transfer funds from one cell phone to another using SMS text functionality.
CLPI says that processed transaction volume for August 2013, measured in Indian rupees, topped 933 million INR, a gain of about 2 percent from the previous month.
"We are very pleased to see a volume increase in August relative to July," MOM Managing Director Shashank Joshi said. "There are three big holidays in India in August including our National Independence Day on August 15th. Despite this, we showed solid volume growth from July to August."
At current exchange rates, August processed transaction volume was approximately $14.2 million, down from $15.0 million in July as the value Indian rupee sagged 10 percent during August.
For more information, visit calpian.com
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