DALLAS and MUMBAI, India, June 1, 2018 /PRNewswire/ — MoneyOnMobile, Inc. (OTCQB: MOMT), one of India’s largest phone-based mobile payment networks, announced the launch of the Reserve Bank of India’s payment service (Bharat Billpay) through the MoneyOnMobile retailer platform. The launch of this new service enables its retailers to meet the growing demand for digital payment services among the estimated 600-800 million unbanked/underbanked population of India, and increase the monthly spend of their existing customers. The eighty additional services cover a wide range of billers from electric, water, and gas utilities, to mobile bills and television recharge.
“We are excited about the launch of the Bharat BillPay service on our retailer portal. We believe it will help MoneyOnMobile continue to transform the cash experience for retailers and their customers. With such a large number of services being added, consumers can convert their cash into digital payments to access more of the vital, everyday services that make their lives easier,” says Harold Montgomery, CEO and Chairman, MoneyOnMobile.
“Our goal is to help retailers deepen their engagement with the community they serve. By enabling new services being demanded by their customers, retailers are able to meet the growing demand, and be the ‘one-stop shop’ people can visit for access to financial services. This helps the company grow our retailer base, grow the share of consumer wallet, and increase retailer retention,” says Will Dawson, Chief Operating Officer, MoneyOnMobile.