Calpian, Inc. (OTCQB: CLPI) announces that as of October 31, 2012, the Money-on-Mobile service offered by its Indian subsidiary is now being supported by over 110,000 retail locations and accessed by approximately 17.8 million unique users since April 1, 2012. The October 2012 processed transaction volume, measured in Indian rupees, was 536.5 million INR – a 3.4% increase over processed volume in September 2012. At current exchange rates, October processed transaction volume was approximately $9.8 million.
“We are thrilled that the Money-on-Mobile product has achieved such widespread acceptance by customers and retailers in India. Money-on-Mobile provides a necessary service to the millions of un- and under-banked Indian consumers who use their cell phones to make payments and move money on a daily basis,” says Calpian CEO, Harold Montgomery, “and we believe that the growth in the number of retailers and users taking advantage of Money-on-Mobile is truly remarkable.”
And according to Shashank Joshi, onsite Indian manager, “With over 1 billion people and 650 million cell phones in India, we believe that there is still room for significantly more growth in this market.”
Calpian, Inc. (CLPI) is a publicly traded company with corporate offices in Dallas, Texas and mobile payments emerging-market operations through its subsidiary in India. Calpian's U.S. business focuses on the 10,000 Independent Sales Organizations (ISOs) that serve approximately 2 million small merchants across all industries in the U.S. who pay an estimated $1 billion in annual residuals. Calpian’s Indian subsidiary offers Money-on-Mobile, a pre-paid mobile payment solution, to over 17.8 million Indian consumers at more than 110,000 Indian retail locations. Calpian's management team has over 70 years in combined experience in the payments business. Calpian's CEO, Harold Montgomery, is a recognized industry leader who has provided expert testimony to the U.S. Congress and Federal Reserve Bank on payments-related issues and regularly appears in numerous industry publications, such as
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