Calpian, (OTCQB: CLPI) announced its Mumbai-based subsidiary Money-On-Mobile is providing domestic remittance services to Indian consumers.
Adding the new service to its existing suite of market-leading mobile payments offerings, domestic remittance is a real-time electronic fund transfer service.
With the new service, which was initiated on Dec. 23, 2014, Money-On-Mobile now offers its customers person-to-bank domestic remittance – the ability to send money to another party's bank account – through 71 banks covering almost all of India and providing instant credit to recipients in real time, 24x7. The service does not require senders to have a bank account.
According to Shashank Joshi, founder and managing director of Money-On-Mobile, "Adding the new domestic remittance service represents the next step in fulfilling Money-On-Mobile's strategy to continuously expand its footprint across India and to diversify its product mix in a manner that increases transaction volumes and profit margins. We are serving more customers than ever with more services."
Since January 1, Money-On-Mobile has processed a total of 79,289 domestic remittance transactions, experiencing strong month-over-month growth with a 216 percent increase in February compared to January. Total domestic remittance transaction volume over the first two months was 268.7 million Indian Rupees or $4.35 million USD. Transaction volume in February increased 233 percent in February versus January. The average transaction size of Money-On-Mobile's domestic remittance service also grew month over month from $51.92 USD in January to $56.22 in February, an 8.2 percent increase.
"Expanding our services to include domestic remittance is a great mark of development for Money-On-Mobile," said Harold Montgomery, chief executive officer of Calpian, Inc. "Having only launched the domestic remittance service in December, it's pleasing to see the solid traction gained in terms of volumes in just two months' time. We're always exploring opportunities to add new services to our platform and domestic remittance is a great complement to our existing mobile payments offerings."