MOM's October financial results include the following highlights:
- October 2017 net revenue was the highest on record
- October 2017 net revenue increase was 36% over September
- MOM ATM revenue has grown by 262% over the last six months
The MOM ATM is a small hand held card swipe device that connects to a smartphone using simple Bluetooth technology similar to how many people connect their wireless headset to their mobile phone. A retailer enabled with a MOM ATM allows them to become cash out points for anyone with a bank account.
"We are excited to see that the MOM ATM has been producing sustained growth for our company this year. The MOM ATM is now one of our largest revenue lines even though it was only introduced during this calendar year," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc. To demonstrate how quickly this product has grown, consider that it took us seven months to achieve 1,000 average daily transacting retailers using the MOM ATM whereas in the last 90 days we have doubled that number to 2,000 retailers transacting daily."
"We believe our retailers find significant value in our MOM ATM product, as a way to differentiate their value offerings to their customers. Having a product like MOM ATM in their stores not only provides cash-out services but also serves as a mobile point of sale solution. This service has proved popular in regions where consumers have a bank account but do not have a nearby bank branch or ATM," said Ranjeet Oak, Jt. Managing Director, MoneyOnMobile (India).