MoneyOnMobile

About MoneyOnMobile

MoneyOnMobile operates within the expansive digital payments market of India, targeting the large segment of the population historically underserved by traditional financial institutions. The company functions as a mobile payments technology and processing entity, enabling consumers to utilize their mobile phones for a variety of financial transactions. This includes paying for goods and services, transferring funds between individuals, and making bill payments for utilities, mobile recharges, and DTH services. Operations are facilitated through a vast network of retail locations across India, which numbered over 335,000 at one point, acting as touchpoints for consumers. The business model relies on this B2B network of retailers who facilitate transactions for customers, earning revenue through the volume of payments processed.

The company's platform was designed to be accessible, not limiting usage to just smartphones by enabling transactions via simple SMS text functionality. Key product offerings include the MoM app, which provides a suite of services like money transfers, bill payments, and mobile recharges. Another significant service is the MoM ATM, a point-of-sale service that allows retailers to offer cash withdrawal facilities to customers using their debit or credit cards. The company also ventured into e-commerce with MoM Cart, enabling customers in remote areas to purchase goods like electronics and groceries.

My Mobile Payments Ltd (MMPL), the entity behind the Money-on-Mobile brand, was founded in 2010 by a team that includes Jolly Mathur, Rajat Sharma, Ranjeet Oak, and Shashank Joshi. The service was initially launched for the B2B market before receiving approval from the Reserve Bank of India in 2011 to offer a semi-closed m-wallet to consumers nationwide. A pivotal moment in its history was the significant investment from Calpian Inc., a Texas-based electronic payments company, in 2012. Harold Montgomery, the CEO of Calpian, played a crucial role in the company's trajectory, eventually leading to Calpian rebranding as MoneyOnMobile, Inc. in 2016 to reflect its singular focus on the Indian market. Ranjeet Oak, a co-founder with over two decades of experience in IT and payments, served as President and COO, lending his extensive industry relationships to the company's development. Harold Montgomery, a Stanford MBA graduate with a long career in the transaction processing business, brought his expertise in scaling and funding companies to the venture.