MoneyOnMobile, Inc. announced that it has received $1.5 million in funding from S7 Finance B.V.

MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. The Company 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. It has more than 350,000 retail locations throughout India. With MoneyOnMobile’s system, retailers use their mobile phones to make payments on behalf of their customers for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. It enables Indian retailers to use their mobile phones to pay for third party goods and services on behalf of a consumer, or transfer funds from one consumer to another, or to allow a consumer to withdraw from their bank account. The Company’s payment service is available in every state within India.