DALLAS, TX and MUMBAI, INDIA - (NewMediaWire) - March 17, 2016 - Calpian, Inc. (OTC PINK: CLPI), an innovative global mobile payments technology and processing company, announces its Mumbai-based subsidiary, MoneyOnMobile, continues to transform the lives of people in India through its country-wide mobile payment network. These customers have historically been underserved by the traditional financial services industry. MoneyOnMobile is rapidly changing lives by providing local access to a wide array of services required by Indian consumers.
As part of the company's philosophy of doing well by doing good, it recently launched accident insurance, a new financial services product for our consumers. Many of our customers are migrant manual laborers, whose families back home are highly dependent on their regular remittances. If they get injured on the job, they do not get paid and their family suffers. Now, every domestic remittance customer of MoneyOnMobile receives free 30-day accident insurance coverage providing them with basic financial security in times of trouble.
In February the company's annualized processes transaction volume run rate passed $1 billion. Its monthly volume grew to Rs 6.122 billion Indian Rupees or $90.0 million US Dollars, an increase of 4.4% from January's Rs 5.863 billion Indian Rupees or $86.00 million U.S. Dollars. MoneyOnMobile expanded the number of new consumer's using its service by 3.3 million in February 2016.
MoneyOnMobile is a mobile payments service provider that allows Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one person to another using simple SMS text functionality. The service is now offered to Indian consumers through 306,423 retail locations throughout the country, which is an increase of 8,220 stores from January's 298,203 stores.
Harold Montgomery, Calpian Chief Executive Officer, commented: "We are very pleased with the financial inclusion services we have provided to so many people in a country with 100s millions of underserved consumers. The addition of our accident insurance benefit strengthens the value we bring to our consumers."
Shashank Joshi, Founder and Managing Director of MoneyOnMobile, added "Our ability to provide a low cost ubiquitous payment network has only begun to scratch the surface of how we can improve lives across India. Over time, we will add more services like the recently added accident insurance."
MoneyOnMobile recognizes revenue for transactions as services are performed and when the digital currency is transferred from a consumer's wallet. Revenue varies depending on the type of transaction. Total processed volume includes consumer wallet inbound load amounts and outbound purchase transaction amounts since each is considered a separate transaction under industry norms. Processed volume and other statistics cited herein are intended to be used as general indicators of growth only.
Calpian, Inc. is a global mobile payments technology and processing company offering mobile payment services through Indian subsidiary MoneyOnMobile. MoneyOnMobile is a mobile payment service provider that enables Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cell phone to another using simple SMS text functionality. Read about Calpian and MoneyOnMobile in The New York Times at New York Times - Money on Mobile.
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