Telecom Lead India: The U.S.-based Calpian will
invest up to $29.7 million in Money-on-Mobile (MoM), an electronic prepaid
payment instrument for mobile phones by My Mobile Payments (MMPL).
In 2011 MoM received RBI’s approval to offer semi-closed
m-wallet for the consumer market in India. MoM offers mobile phone users the
flexibility and convenience to top-up their talk time, DTH account, and pay
their utility bills using their mobile phones.
MoM is proposing to start domestic remittance services
through their mobile channel. MoM has a network of over 55,000 retailer touch
points and presence in over 200 cities.
Calpian’s management team has been associated with the
electronic payment processing business for the last twenty-five years in the
United States, and we are excited to participate in the Indian market by
partnering with MoM,” said Harold Montgomery, chairman and CEO of Calpian.
Calpian and its management team have expertise in the
electronic payment business which will help us in our growth plans and
strategy. With 900 million mobile subscribers in India, the mobile phone can be
used as an effective alternative channel for payments,” said Shashank M. Joshi,
managing director of Money-on-Mobile.
MoM’s platform is available on SMS and the consumer does
not require a smartphone. MoM’s service operates independent of the consumer’s
mobile operator or bank, and hence any mobile subscriber can avail themselves
of its services.