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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.

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