MoneyOnMobile, Inc. (OTCQX: MOMT) announced an agreement with ShopClues, one of India’s largest e-commerce marketplaces, to enable the in-store purchase of ShopClues products using the MoneyOnMobile platform at any of its participating 335,000 retailers.
“The alliance with MoneyOnMobile is in sync with ShopClues’ vision of digitally connecting Bharat Online. This partnership will enable us to further expand our consumer base to more remote parts of India, essentially covering tier III and tier IV cities, along with metros,” stated ShopClues SVP Nitin Kochhar. “The walk-in customers will be able to experience a wide range of quality products under ShopClues’ Surety program at some of the best price points available in the market.”
Customers who visit one of the enabled retailers will now be able to order from ShopClues, pay for their goods, and have them delivered to their homes or retailer.
[clickToTweet tweet=”shop ’til you drop: @moneyonmobile partners with @shopclues” quote=”‘Our strength lies in our pan-India retailer network, because it enables MoneyOnMobile to provide financial services to the remotest parts of India,’ said MoneyOnMobile Chairman and CEO Harold Montgomery.”]
“Our strength lies in our pan-India retailer network, because it enables MoneyOnMobile to provide financial services to the remotest parts of India,” said MoneyOnMobile Chairman and CEO Harold Montgomery. “This agreement opens access to the growing e-commerce market for the unbanked and the underbanked in India.”
Based on recent industry data the e-commerce market in India is expected to triple in size in three years, from $38 billion in 2017 to $119 billion in 2020. This latest enhancement to the Dallas-headquartered MoneyOnMobile platform ensures that anyone in India can shop online, and pay with cash.
“Indian consumers are heavily reliant on cash for purchases, and this deal allows MoneyOnMobile enabled retailers to assist consumers with online purchasing,” explained Ranjeet Oak, Joint Managing Director of MoneyOnMobile’s Indian operations. “India is estimated to have 600 million people who are unbanked or underbanked, meaning they do not possess a bank account or have little access to the account they do have. Once enabled in their shop, retailers become brick and mortar centers for online shopping. We believe they will connect the world of e-commerce to hundreds of millions of Indians.”