US payment processor Calpian has announced plans to invest in
Mumbai-based mobile payment provider My Mobile Payments.
The US public company aims to invest an initial $1.3 m and then
continue with a series of capital injections over the next 20
months.
Go deeper with GlobalData
The company intends to operate in the market under the brand
Money-on-Mobile (MoM).
MoM’s platform allows consumers to use their phones to make
payments through SMS text for services like mobile phone top-up,
television time, and P2P money transfers.
Launched in late 2010, MoM currently has 2.7 million users and
processes more than $72 million in transactions each year,
according to figures published by the company.
In India there are 903.7 million mobile phone subscribers and
the country is adding 9.9 million new subscribers every month,
according to the data by the Telecom Regulatory Authority of
India.
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By GlobalDataSpeaking about the investment, Calpian’s CEO, Harold Montgomery,
said: “With MoM’s annualised processing volume of over $72 million,
which is growing at a monthly rate of 7%-10%, we believe this
company has a bright future. This strategic investment establishes
a solid foundation for us to consider other global markets to
further enhance the value for our shareholders”
