DALLAS, TX and MUMBAI, INDIA--(NewMediaWire - Feb 7, 2017)
- MoneyOnMobile, Inc. (OTCQX: MOMT)
announced a 119 percent increase (week of 12/5/16 through week of
1/23/17) in processing volume, which is the amount of money that
flowed through the MoneyOnMobile payment network.
In November the Government of India declared that the existing
500 and 1,000 Rupee (Rs.) banknotes were to be worthless at the end
of December 2016.
In December 2016, MoneyOnMobile, Inc. announced that its Indian
subsidiary had been provided a new credit facility from YES BANK
Limited in the amount of $1.5 million USD. This has allowed the
company to capitalize on increased demand in India for digital
payments. The line of credit will support between $320m and $650m
USD in additional domestic remittance processing volume
annually.
In early November 2016, India announced that existing Rs.500 and
Rs.1,000 banknotes would become valueless and eventually be
replaced by new Rs.500 and Rs.2,000 banknotes, but those notes were
not available in volume on the date of demonetization. In an
economy that has relied on cash for more than 90 percent of
financial transactions, without access to currency, consumers and
businesses are turning to digital payments.
"We believe that the line of credit has been instrumental for us
to meet the surge in consumer demand for digital financial
transactions created by demonetization," said Harold Montgomery,
CEO and Chairman of MoneyOnMobile. "We believe access to this
credit means the number of transactions we can support in India can
be increased, thereby increasing our processing volume."
Ranjeet Oak, President and COO of MoneyOnMobile, said, "Each
time we process a transaction we earn a fee, which drives our
revenue. The increase in demand for digital payments in India has
been good for our business, because the more transactions per day
the greater our revenue."
About MoneyOnMobile, Inc.
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 325,000 retail locations
throughout India.
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 August 19, 2016.
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://MoneyOnMobile.in
Twitter: https://twitter.com/MoneyOnMobileir
Facebook: https://www.facebook.com/MoneyOnMobileIR/
LinkedIn: https://www.linkedin.com/company/MoneyOnMobile
YouTube: https://www.youtube.com/channel/UCxqO4N1z9acnQmEysjqfBaQ