US-based digital payment company MoneyOnMobile has plans to invest $6.2 Mn to boosts its Indian expansion plans, as informed by its chief executive officer, Harold Montgomery.
The announcement for fresh infusion plans has come right after the firm raised $5 Mn Series H funding from S7 Group.
MoneyOnMobile’s chief executive officer Harold Montgomery told that with India emerging as 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.
He also added, We have retail outlets where end consumers can just walk in and do transactions like bill payments, remittances and cash out. We have also enabled Aadhaar-enabled transactions, thereby creating a mini-ATM in far-flung rural areas.
MoneyOnMobile works closely under multiple banks with RBL Bank, Yes Bank and ICICI Bank as partners providing payment services to consumers. It also has a prepaid payment instrument (PPI) licence from the Reserve Bank of India.
The company 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.
Moreover, Montgomery also stated that that the digital payment company is already in a strong position in eastern states while having its presence in southern states, Haryana, Maharashtra and Uttar Pradesh as well. It is now looking to expand its reach across one million retail locations in the country in the long run.