India’s leading mobile payments provider tapped by Unique Identification Authority of India for Aadhaar mobile subscriber verification program
DALLAS and MUMBAI / ACCESSWIRE / May 19, 2014 / Money-On-Mobile, the Mumbai-based mobile payments subsidiary of Calpian, Inc. (OTCQB: CLPI), has been selected by the Unique Identification Authority of India (UIDAI) to support a mobile cash out pilot using biometric authentication. Money-On-Mobile is a mobile payments service provider that enables Indian consumers to use their mobile phones to pay for goods and services, or transfer funds from one cell phone to another using simple SMS text functionality.
Money-On-Mobile’s pilot participation will be rolled out in Mumbai, Delhi, Kolkata and Surat through 52 existing retail partner locations. Based on the UIDAI’s Aadhaar program that provides citizens with unique biometric identification numbers (similar to social security numbers), the pilot program’s objective is to establish a mobile pay-out system that authenticates the identities of parties involved in cash transfers.
"We’re pleased to help pilot the Aadhaar-based mobile cash-out program. With more than 900 million mobile phone subscribers and 700 million unbanked citizens, mobile money will play an integral role in facilitating financial inclusion in India," said Shashank Joshi, founder and managing director of Money-On-Mobile. "And though the societal impact is significant, mobile money represents more than just financial inclusion, it’s also a far more convenient way for all Indian consumers to pay their bills and remit money."
Money-On-Mobile offers a pre-paid mobile payment solution that provides a vital service to Indian consumers, many of whom do not have bank accounts or access to traditional forms of credit. With 70 percent of India’s 1.3 billion citizens living in some 600,000 rural villages, Money-On-Mobile provides a secure and fast way for consumers who work in the cities to send money to friends and family in more remote areas.
"Money-On-Mobile is ideally suited to help the UIDAI initiate its Aadhaar-based mobile cash pilot having served over 88 million mobile phone subscribers through a growing network of more than 184,000 retail partners around the country," said Harold Montgomery, Calpian chairman and CEO, and Money-On-Mobile director. "And as an independent, non-telco mobile payments provider, Money-On-Mobile offers Indian consumers the most flexibility with the ability to access the service no matter what mobile service provider they use."
About Calpian, Inc.
Calpian’s wholly-owned subsidiary, Calpian Commerce, provides the merchant community with an integrated suite of payment processing services and related software enabling products. Calpian Commerce offers credit and debit card processing, ACH, mobile acceptance and gateway payment solutions to merchants in the U.S. operating in a physical "bricks and mortar" business environment and/or over the Internet, and in settings requiring wired as well as wireless/portable payment solutions. Calpian Commerce delivers its products and services to merchants via three delivery chains: a direct sales force, ISOs and Agent Banks.
Calpian’s management team has over 70 years in combined experience in the payments business. Calpian’s CEO, Harold Montgomery, is a recognized industry leader who has provided expert testimony to the U.S. Congress and Federal Reserve Bank on payments-related issues and regularly appears in numerous industry publications, such as Transaction World Magazine. Visit www.calpian.com for more information.
Note to Investors:
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on March 31, 2014. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
AverittPR for Calpian
VP, Investor Relations
SOURCE: Calpian Inc.
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