Money-on-Mobile receives five-year renewal of authorization from RBI

Monday 28 October 2013 09:32 CET | News

India-based mobile payments company Money-on-Mobile, a subsidiary of US-based electronic payment processing services provider Calpian, has received a five year renewal of its authorization from the financial institution Reserve Bank of India (RBI) to operate a mobile payments system in the country.

Money-on-Mobile (MoM) is a provider of mobile currency transactions in India with approximately 71 million users and around 163,000 participating retail locations as of September 31, 2013.

Calpian was founded in 2010 as a public company functioning as an intermediary between processors and merchants to enable payment for goods and services at the retail point-of-sale (POS).

In recent news, Money-on-Mobile has completed formal direct bill payment integration arrangements with five Indian utility providers covering a total customer base of approximately 25 million consumers nationwide.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Money-on-Mobile, Calpian, RBI, mobile payments, mobile currency transactions, India
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce