MoneyOnMobile ( OTCQX : MOMT ) has expanded its payment network to include business-to-business (B2B) transactions. International consulting firm McKinsey and Co. estimates India's 2015 B2B market to be about $15 billion in total flows. (1) MoneyOnMobile's new product increases its addressable market beyond consumer-oriented into business-oriented transactions.
Working with participating banks and the Reserve Bank of India (RBI), MoneyOnMobile has increased transaction size limits, allowing businesses to leverage 325,000 MoneyOnMobile agents to pay for goods and services.
"On a recent trip to Kolkata, I met our local agents who expressed a need to have a business scale transaction service growing their revenue by attracting B2B payments. MoneyOnMobile has opened this large new market, which will enable MoneyOnMobile to increase our transaction count and revenue. We are very excited to be moving into B2B payments while maintaining our growth in consumer payments," said Harold Montgomery, CEO and Chairman, MoneyOnMobile, Inc.
Ranjeet Oak, President and COO, MoneyOnMobile, added, "Our goal is to democratize digital payments by making financial services available to everyone in India -- both individuals and small businesses -- through our last-mile financial network. With this new product, we take another step forward to reaching this goal by allowing businesses, which previously would have transacted mainly in cash, to have access to digital transactions, which have become a necessity following the recent demonetization of larger bank notes in November, 2016."
Jim McKelvey introduces the MOMATM
VP of Corporate Communications