Calpian Inc. announced that in the month ending Dec. 31, 2014, its Mumbai-based subsidiary Money-On-Mobile was accessed by more than 9 million users, with 121 million cumulative unique users since its inception, according to a press release.

Money-On-Mobile is a mobile payments service provider that allows Indian consumers to use a mobile phone to pay for goods and services, or to transfer funds from one cell phone to another using SMS text.

Money-On-Mobile is now offered through 236,271 retail locations throughout India, an increase of 5,897 stores compared with 230,374 stores in November, according to the announcement. Processed transaction volume for December 2014 exceeded 1.22 billion rupees ($20.2 million), an 83 percent increase compared with single month volume for the same period in 2013.

"Our continued growth in unique users combined with an expanding network of retailers providing Money-On-Mobile services reinforces the strong demand for mobile payments among Indian consumers," Shashank Joshi, founder and managing director of Money-On-Mobile, said in a statement. "Month after month, our team continues to execute our plan to make it easier for India's some 700 million unbanked consumers to use their cell phones to pay for everyday expenses."

"I believe India represents the most compelling mobile money market opportunity in the world," said Calpian CEO Harold Montgomery. "The opportunity in front of us is compelling considering the majority of India's 1.2 billion people are unbanked and there are more than 900 million mobile phone subscribers. Our continued success demonstrates that Money-On-Mobile delivers a model for mobile payments that works, and we remain focused on driving growth and expanding service offerings."