"We experienced a fantastic festival season in October at MoneyOnMobile, as shown in our October 2017 revenue numbers, which were up 33% over September. The country's celebration of Diwali, celebrated on October 19, is similar in importance in India to Christmas in the U.S. with people buying gifts for others and travelling to see family. India's November, therefore, is similar to the U.S.'s January as the country returns back to normal. Our November 2017 revenue was up three times over November 2016 and up over September 2017 by 22% continuing our positive trend for the year," said Ranjeet Oak, Jt. Managing Director, MoneyOnMobile (India).
"If you look at the Reserve Bank of India's data on debit and credit card transactions for the entire country, five of the previous six years of available data (2011-2016) show November processing volume is down from October with an overall average of -12% month-on-month over all six years. Our November 2016 to November 2017 growth as well as Sept to Nov growth of 22% show the demand for our services continues to remain high," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc.