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MoneyOnMobile to Expand ATM Network across India with MOM ATM
Jan. 12, 2017 09:59AM PST
Emerging Technology Investing
MoneyOnMobile (OTCQX:MOMT) has launched the MOM ATM in selected retail outlets across India to meet the growing demand for digital money and transactions. The MOM ATM allows retail merchants to serve as mini-ATMs. As quoted in the press release: Banked customers can withdraw cash from their bank account at one of the company’s participating store …
MoneyOnMobile (OTCQX:MOMT) has launched the MOM ATM in selected retail outlets across India to meet the growing demand for digital money and transactions. The MOM ATM allows retail merchants to serve as mini-ATMs.
As quoted in the press release:
Banked customers can withdraw cash from their bank account at one of the company’s participating store locations. This will make storing money in banks accounts more attractive to people across the country because they will be able to get access to their funds at a time and place that is convenient to them.
“Demonetization in India has increased demand for cash-out services from consumers. With only 200,000 ATMs in the country, the financial infrastructure is unable to support this demand, creating long lines for frustrated customers. The MOM ATM offers convenient access to cash in locations close to home and work. It will also benefit rural areas of India, given the lower amount of ATM’s per citizen in those areas,” Ranjeet Oak, President and COO of MoneyOnMobile commented.
Click here for the full text release.