Digital Payment Company MoneyOnMobile Sees Big Opportunity In India

India's move to remove some banknotes from circulation will benefit India's largest mobile payment platform.
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India's recent decision to remove 500 and 1,000 rupee banknotes from circulation has resulted in long lines at India's ATM machines and big opportunities for digital payment company MoneyOnMobile (MOMT) . Harold Montgomery, the company's CEO and chairman, explains that India's demonetization move is really an effort to push people into using digital payments. Montgomery says MoneyOnMobile is used by about 180 million Indian consumers out of a potential 600 to 700 million, and the company is moving quickly to try to capture that additional business. MoneyOnMobile is currently operating in 600 cities around India but is looking to expand into more rural, remote villages. India's decision to pull some banknotes from currency was designed to crackdown on counterfeiting and corruption.