MUMBAI, January 13, 2017 /PRNewswire/ --
To support the Indian Government's push to digitize money, MoneyOnMobile has launched MOM ATM in retail outlets across India. The MOM ATM allows retail merchants to serve as mini-ATMs allowing banked customers to withdraw cash from their bank account. This will make storing money in bank accounts more attractive to people across the country because they will be able to get access to their funds at a time and place that is convenient to them.
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There are approximately 200,000 ATMs in India today. When deployed fully to 325,000 MoneyOnMobile retail merchants, it would make MoneyOnMobile the largest ATM network in the country.
"Demonetization in India has increased demand for cash-out services from consumers beyond where the current financial infrastructure can support, creating long lines for frustrated customers. The MOM ATM offers convenient access to cash in locations close to home and work. It will also benefit rural areas of India, given the lower amount of ATMs per citizen in those areas," Ranjeet Oak, President and COO of MoneyOnMobile commented.
"MoneyOnMobile has always supported the banks by providing last mile transactional services. The MOM ATM continues this support by making it easier for banked consumers to be able to access the funds in their bank accounts," said Harold Montgomery, CEO and Chairman of MoneyOnMobile, Inc.
About MoneyOnMobile:
MoneyOnMobile is India's leading mobile payment system that places the second mobile revolution of the country into your hands. A unique and a revolutionary concept, MoneyOnMobile facilitates easy, safe and secure financial transactions to millions of Indians. Our reach in the remotest part of India makes us the stand-alone prepaid instrument in the market today. Our core belief lies in providing service to the unbanked consumers by means of financial inclusion and self-dependence, authorized by the Reserve Bank of India (RBI) to set up semi-closed payment system in India which enables registered users to buy goods, products and services from registered merchants. MoneyOnMobile enables empowerment of the unbanked population by powering their mobile phones.
MoneyOnMobile is constantly innovating to provide a range of unique solutions together with its continuous unparalleled 24x7 transactional convenience by means of a simple SMS, application and web portal. Our retail-assisted touch point is now offered through our over 325,000 locations throughout the country.
The company is also the proud recipient of the prestigious RED Herring Global Top 100 Award.
For more information visit: http://www.moneyonmobile.in
Corporate Communications Contact:
Navaz Damania
Vice-President, Corporate Communications
61, MoneyOnMobile House
Ramchandra Lane, Malad West
Mumbai - 400064
Tel: +91-22-45021541
[email protected]
http://www.moneyonmobile.in
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