Calpian subsidiary seeing strong growth

Mobile payments fintech company Calpian‘s Mumbai subsidiary MoneyOnMobile is having increasing success serving India’s underbanked.

MoneyonMobile allows Indian consumers to pay for purchases and make money transfers via mobile phone at 310,676 retail locations across India.

March monthly transaction volume increased 1.8 percent to $93.6 million and the service added 3.3 billion new customers.

March year-over-year transaction volume also saw strong growth, President and Co-Founder Ramjeet Oak said.

“Our March 2016 processing volume grew 253% compared to March 2015 numbers showing the strength of our nation-wide footprint and the value we are bringing to our consumers and store partners.”

That growth may take a short break in April, CEO Harold Montgomery cautioned.

“It is important to note in April there are 12 public national and state holidays during which banks are closed and processing volumes are generally lower. Therefore, we expect the April processing volumes to be affected due to this seasonality.”

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