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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