Tuesday, October 31, 2017 — MoneyOnMobile, Inc. (OTCQB: MOMT) announced today a partnership with Infinity Business Partners, which has enabled MoneyOnMobile retailers to serve as payment collectors for two-wheeler (motorcycles and mopeds) insurance products purchased by consumers for several of the leading insurance providers of India.
"We are excited to work with MoneyOnMobile to provide the 'last mile' payment option for this much needed insurance product through their mobile payment platform. There are at least 150 million 2-wheel vehicles currently registered in India, with 17.7 million purchased in 2017 alone. Based on industry estimates the market size adds up to approximately $1 billion," said Sorah Bhandari, Founder Partner, Infinity Business Partners.
"While the government has mandated liability insurance for all motor vehicles, recent research shows that approximately 60 percent of vehicles are still uninsured. By removing barriers to paying for insurance, MoneyOnMobile provides easy consumer access by simplifying the fulfillment process across its 335,000 retail locations," said Suvendu Prusty, Founder Partner, Infinity Business Partners.
"Our alliance with Infinity Business Partners is part of our strategy of increasing the number of essential payments available to customers through the MoneyOnMobile retail network. Delivering a one-stop shop for all the key payments needed by our customers is key to our strategy and growth," said Harold Montgomery, Chairman and CEO of MoneyOnMobile. "Cash payments that occur at various service provider locations requires a lot of time off of work for travel and waiting in queues. With MoneyOnMobile, consumers can convert cash to digital payments to pay many service providers at a single MoneyOnMobile retailer. When you consider that Indians are estimated to lose more than $2 billion a year in lost income due to travel between payment centers and banks this service plays a vital economic boost to our customers."
Ranjeet Oak, Joint Managing Director of MoneyOnMobile in India said, "Our retailers have the advantage of offering services like two-wheeler insurance premium collection, phone recharging, money transfers, and train tickets through the MoneyOnMobile network without independently negotiating commission agreements with service providers. At the same time, our last-mile network of financial services provides a huge convenience opportunity for the many unbanked and underbanked citizens across India."
See the message from Ranjeet on why this is such a critical partnership HERE.
MoneyOnMobile to Offer Two-Wheeler Coverage through India’s Leading Private Insurance Carriers