Calpian Inc. invests in 'Money-on-Mobile'
Calpian Inc. has agreed to make its first investment in India up to US$29.7 million in cash and stock in 'Money-on-Mobile', an electronic prepaid payment instrument for mobile phones by My Mobile Payments Limited (MMPL).
Harold Montgomery, Chairman & CEO, Calpian, Inc. said, "We believe MoM is well-positioned to take advantage of the promising mobile payment channel in India. Calpian's management team has been associated with the electronic payment processing business for the last twenty-five years in the United States, and we are excited to participate in the Indian market by partnering with MoM. We look forward to working closely with the management team to achieve MoM's vision and expansion plans."
Shashank M. Joshi, MD, Money-on-Mobile said, "We are delighted to welcome Calpian, Inc. as a new investor and a strong partner in our efforts to provide mobile payment services to every banked and unbanked mobile subscriber in India. Calpian and its management team have tremendous expertise in the electronic payment business which will help us in our growth plans and strategy. With more than 900 million mobile subscribers in India, the mobile phone can be used as an effective alternative channel for payments."
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