MUMBAI, November 2, 2017 /PRNewswire/ --
MoneyOnMobile, Inc. (OTCQX: MOMT) announced today a partnership with Infinity Business Partners, which has enabled MoneyOnMobile retailers to serve as payment collectors for two wheeler insurance for motorcycles and mopeds, purchased by consumers from several of the leading insurance providers of India.
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"We are excited to work with MoneyOnMobile to provide the 'last mile' payment option for this much-needed insurance product through their mobile payment platform. There are at least 150 million two-wheeled vehicles currently registered in India, 17.7 million purchased in 2017 alone, and based on industry estimates, the market size adds up to $1 billion, approximately," said Sorabh Bhandari, Founder Partner, Infinity Business Partners LLP.
"While the government has mandated liability insurance for all motor vehicles, recent research shows that approximately 60 percent of vehicles are still uninsured. By removing barriers to paying for insurance, MoneyOnMobile provides easy consumer access to insurance by simplifying the fulfilment process across its 335,000 retail locations," said Suvendu Prusty, Founder Partner, Infinity Business Partners LLP.
Ranjeet Oak, Joint Managing Director of MoneyOnMobile in India, said, "Our retailers have the advantage of offering services like two wheeler insurance premium collection, phone recharging, money transfers, travel tickets and many more, through the MoneyOnMobile payment platform. At the same time, our last-mile network of financial services provides a huge convenience opportunity for the many unbanked and the underbanked citizens across India."
"Our alliance with Infinity Business Partners is part of our strategy of increasing the number of essential payments available to customers through the MoneyOnMobile retail network. Delivering a one-stop shop for all the key payments needed by our customers is key to our strategy and growth," said Harold Montgomery, Chairman and CEO of MoneyOnMobile. "Cash payments that occur at various service provider locations require a lot of time off of work for travel and waiting in queues. With MoneyOnMobile, consumers can convert cash to digital payments to pay many service providers at a single MoneyOnMobile retailer - providing not only convenience, but also additional earning opportunities for our retailers."
References:
Number of two wheelers: http://knowindia.net/auto.html
Two wheeler annual sales: http://timesofindia.indiatimes.com/auto/bikes/india-is-now-worlds-biggest-2-wheeler-market/articleshow/58555735.cms
Insurance rate/mandate: http://sites.ndtv.com/roadsafety/60-of-vehicles-in-india-are-not-insured-and-most-of-these-are-two-wheelers-3027/
About MoneyOnMobile
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.
About Infinity Business Partners LLP
Infinity Business Partners LLP. is founded by four seasoned Banking and Financial Services Industry & Consulting experts having over 65 years of experience. They are working with leading insurance companies and Banks/NBFC's, advising them and executing sales and distribution strategies, winning and nurturing partnerships, developing new products and Insuretech.
Safe Harbor Statement
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.
Web site: http://www.moneyonmobile.in
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Media Contact:
Navaz Damania
[email protected]
+91-9167122661
Vice President - Corporate Communicaton
MoneyOnMobile
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