Dallas-based payment processor and mobile payments technology firm Calpian is to receive up to $5 million in investment from entrepreneur Craig Hall, chairman and founder of Hall Financial Group.

Calpian offers transaction processing services in the U.S., as well as mobile payments technology in India through its Indian Money-on-Mobile subsidiary.

Hall's investment is to fund U.S. growth initiatives as well as Money-on-Mobile. It includes an initial funding of $1 million in Calpian and takes the form of Series C preferred stock that can convert into the company's common stock on the same terms as its next equity raise.

Money-on-Mobile is a prepaid Indian mobile payment service that allows customers to use their mobile phones for making payments and transferring funds from one phone to another via SMS. According to Calpian, Money-on-Mobile has served more than 84.3 million unique phone numbers in India and has more than 179,000 retail partners offering its service.

According to the Telecom Regulatory Authority of India, there are 903.7 million cellphone subscribers in India, and the country is adding 9.9 million new subscribers per month.

"The global market for mobile payments is rapidly expanding, with India being the most compelling market of all," Hall said in a statement. "Calpian's technology is providing a range of new financial solutions that will make a difference to the lives of a large group of consumers in a country I have always found fascinating. With this investment, we hope to help expand Money-on-Mobile's presence in India."

Hall will advise the company on financial matters for a period of three years, Shashank Joshi, Money-on-Mobile's CEO, said in a statement.