Hotline: 1800 102 2007
X
Search Business Opportunities
Jun, 27 2018

Digital Payments firm MoneyOnMobile plans to pump $6.2 mn into India ops

The company, which recently concluded a fund raising, intends to ramp it up its card-swiping terminals to 30,000 in the next six months from 5,000 at present.

US-based digital payments company MoneyOnMobile plans to inject $6.2 million into its India operations to fuel its expansion plans, according to its chief executive officer, Harold Montgomery.

The company, which recently concluded a fundraising, intends to ramp it up its card-swiping terminals to 30,000 in the next six months from 5,000 at present.

Montgomery told that with India emerging as perhaps one of the most exciting payments markets in the world, he wants to expand the company's footprint to enable the rural and the poorer sections of the country to start transacting digitally.

"We have retail outlets where end consumers can just walk in and do transactions like bill payments, remittances and cash out," he said. "We have also enabled Aadhaar-enabled transactions, thereby creating a mini-ATM in far-flung rural areas."

The payments player, which has a prepaid payment instrument (PPI) license from the Reserve Bank of India, works closely with multiple banks to provide payment services to consumers. Banks like RBL Bank, Yes Bank and ICICI Bank are some of its partner entities.

"We are pretty strong in the eastern states. Now we have a foothold in the southern states, Haryana, Maharashtra and Uttar Pradesh as well. We need to be present across 1 million retail locations in the country in the long run," Montgomery said. The company claims it is deploying 1,000 additional terminals every month.

Comment
image
Related opportunities
  • Language Schools
    About Us: The British Institute of Engineering Technology (I) Pvt Ltd (BIET), London..
    Locations looking for expansion West bengal
    Establishment year 1950
    Franchising Launch Date 1992
    Investment size Rs. 2lac - 5lac
    Space required 500
    Franchise Outlets 50-100
    Franchise Type Unit
    Headquater Amherst street West bengal
  • About Us: Gravity, Established in 1991, is a popular men's wear..
    Locations looking for expansion Maharashtra
    Establishment year 1991
    Franchising Launch Date 2016
    Investment size Rs. 10lac - 20lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Ice creams & Yogurt Parlors
    About Us: NATURAL ICECREAM the word itself is mouthwatering and refreshing...
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
  • Beauty Salons
    About Us: In this 21st century, people are way too busy..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities