Earlier this month,
e-commerce company Calpian received unconditional approval from the Finance
Ministry of the Government of India, through the Foreign Investment Promotion
Board (FIPB), for its application to own up to 74 percent of My Mobile Payments
Ltd., which currently operates in India as Money-on-Mobile. This FIBP approval
enables Calpian to own a majority of Money-on-Mobile and eventually consolidate
its company financials, which will result in a clearer market picture of
Money-on-Mobile’s growth in India.
Money-on-Mobile has
grown by more than 300 percent in the 20 months since Calpian made its first
investment in India.
Money-on-Mobile, a
prepaid mobile payment solution, originated in 2012 and enables customers to
use their mobile phones to purchase goods and services or to transfer funds
from one cell phone to another through simple SMS text functionality. To date,
Money-on-Mobile has been accessed by more than 75 million unique telephone
customers at over 167,000 retail locations in India.
Calpian features the
best of both worlds in electronic commerce, providing steady cash flow through
its wholly owned U.S. payments business, Calpian Commerce, as well explosive
growth with Money-on-Mobile in India.
Calpian Commerce
provides the merchant community with a full, integrated suite of payment
processing services and related software-enabling products, including credit
and debit card processing, ACH, mobile acceptance and gateway payment
solutions. These services and products are offered to U.S. merchants that
operate in brick-and-mortar facilities as well as through the Internet and in
settings that require wired and wireless/portable payment solutions. Merchants
receive Calpian Commerce’s products and services through the company’s direct
sales force, ISOs, and agent banks.
Calpian is led by a
management team with more than 70 years of combined experience in the payments
business. Company CEO Harold Montgomery is a recognized industry leader who has
provided expert testimony on payments-related issues to the U.S. Congress and
Federal Reserve Bank; he also appears regularly in various industry
publications such as Transaction World Magazine.
For more information
about Calpian, visit www.calpian.com
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