MoneyOnMobile to Facilitate for Two Wheeler Insurance Premium Through India's Leading Private Insurance Carriers
(7 months ago)
MUMBAI: MoneyOnMobile, Inc. (OTCQX: MOMT) announced today a partnership with Infinity Business Partners, which has enabled MoneyOnMobile retailers to serve as payment collectors for two wheeler insurance for motorcycles and mopeds, purchased by consumers from 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 two-wheeled vehicles currently registered in India, 17.7 million purchased in 2017 alone, and based on industry estimates, the market size adds up to $1 billion, approximately," said Sorabh Bhandari, Founder Partner, Infinity Business Partners LLP.
"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 to insurance by simplifying the fulfilment process across its 335,000 retail locations," said Suvendu Prusty, Founder Partner, Infinity Business Partners LLP.
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, travel tickets and many more, through the MoneyOnMobile payment platform. At the same time, our last-mile network of financial services provides a huge convenience opportunity for the many unbanked and the underbanked citizens across India."
"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 require 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 - providing not only convenience, but also additional earning opportunities for our retailers."