MUMBAI, February 9, 2017 /PRNewswire/ --
Line of Credit Vehicle, Plus Surging Demand for Digital Payments, Fuel Processing Volume Increase
MoneyOnMobile announced a 119 percent increase (week of 12/5/16 through week of 1/23/17) in processing volume, which is the amount of money that flowed through the MoneyOnMobile payment network.
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In December 2016, MoneyOnMobile, Inc. announced that its Indian subsidiary, MoneyOnMobile, had been provided a new credit facility from YES BANK Limited in the amount of $1.5 million USD. This has allowed the company to capitalize on the increased demand in India for digital payments. The line of credit will support between $320m and $650m USD in additional domestic remittance processing volume annually.
In early November 2016, the Government of India announced that the existing Rs. 500 and Rs. 1,000 bank notes would be discontinued. In an economy that has relied on cash for more than 90 percent of the financial transactions, consumers and businesses are turning to digital payments.
"We believe that the line of credit has been instrumental for us to meet the surge in consumer demand for digital financial transactions created by demonetization," said Harold Montgomery, CEO and Chairman of MoneyOnMobile. "We believe access to this credit means the number of transactions we can support in India can be increased, thereby increasing our processing volume."
About MoneyOnMobile
MoneyOnMobile, is a 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 a simple SMS text functionality or, through the MoneyOnMobile application, or internet site. MoneyOnMobile has more than 325,000 retail locations throughout India.
Web site: http://MoneyOnMobile.in.
Twitter: https://twitter.com/MoneyOnMobile
Facebook: https://www.facebook.com/MoneyOnMobile
LinkedIn: https://www.linkedin.com/company/MoneyOnMobile
YouTube: https://www.youtube.com/channel/UCxqO4N1z9acnQmEysjqfBaQ
Corporate Communications Contact:
Navaz Damania
VP - Corporate Communications
MoneyOnMobile
022-45021520
[email protected]
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