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Calpian's Subsidiary MoneyOnMobile Operates Through India's Mobile Payment Network
Mar. 17, 2016 07:31AM PST
Fintech InvestingCalpian, Inc. (OTC PINK:CLPI), a global mobile payments technology and processing company, has reported that its Mumbai-based subsidiary, MoneyOnMobile, has recently launched accident insurance.
Calpian, Inc. (OTC PINK:CLPI), a global mobile payments technology and processing company, has reported that its Mumbai-based subsidiary, MoneyOnMobile, has recently launched accident insurance.
According to the press release:
Many of our customers are migrant manual laborers, whose families back home are highly dependent on their regular remittances. If they get injured on the job, they do not get paid and their family suffers. Now, every domestic remittance customer of MoneyOnMobile receives free 30-day accident insurance coverage providing them with basic financial security in times of trouble.
In February the company’s annualized processes transaction volume run rate passed $1 billion. Its monthly volume grew to Rs 6.122 billion Indian Rupees or $90.0 million US Dollars, an increase of 4.4% from January’s Rs 5.863 billion Indian Rupees or $86.00 million U.S. Dollars. MoneyOnMobile expanded the number of new consumer’s using its service by 3.3 million in February 2016.
MoneyOnMobile is a mobile payments service provider that allows Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one person to another using simple SMS text functionality. The service is now offered to Indian consumers through 306,423 retail locations throughout the country, which is an increase of 8,220 stores from January’s 298,203 stores.
Harold Montgomery, Calpian Chief Executive Officer, commented: “We are very pleased with the financial inclusion services we have provided to so many people in a country with 100s millions of underserved consumers. The addition of our accident insurance benefit strengthens the value we bring to our consumers.”