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MoneyOnMobile Deploys Over 10,000 MOM ATM Units
The process for a consumer to withdraw cash using an AePS –based MOM ATM is similar to the current handheld MOM ATM, but instead of handing over a card that is swiped through a machine, the customer places their fingerprint on a biometric reader
Photo Credit : Reuters,
MoneyOnMobile announced the number of MOM ATM units deployed in India has crossed the 10,000 unit mark.
“We are pleased with the progress of our MOM ATM deployments. Crossing the 10,000 unit mark demonstrates, we believe, strong demand for this product by our retailers. We are well on our way to reaching our goal of 30,000 MOM ATM units deployed by the end of 2019. This is the first step in the cycle of deployment activation and revenues. There are three ways to increase revenues, increasing the number of units deployed to our retailers, expanding the number of retailers transacting with the unit on a daily basis, and growing the number of transactions each retailer performs in a day. The number of units deployed is a positive first step in a cadence of events that will impact success. We look forward to providing more detail on our MOM ATM product during our upcoming earnings call,” says Harold Montgomery, CEO and Chairman, MoneyOnMobile.
MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian retailers to use mobile phones to accept payment for goods and services or transfer funds from one person to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.
“We are excited to launch this AePS-based MOM ATM to add yet another service which will provide last mile financial services to the over 600 million underbanked consumers in India. Our retailers, as well as MoneyOnMobile, earn revenue based on the size of the cash-out transaction, resulting in a positive impact on our MOM ATM revenue,” said Will Dawson, Chief Operating Officer, MoneyOnMobile.
The process for a consumer to withdraw cash using an AePS –based MOM ATM is similar to the current handheld MOM ATM, but instead of handing over a card that is swiped through a machine, the customer places their fingerprint on a biometric reader. Once the system authenticates their ID, the retailer can process their cash-out request in the same manner as the handheld MOM ATM.
