On May 20, 2016, MoneyOnMobile and Enfold signed an agreement to provide digital lockers for the 170 million individuals that constitute MoneyOnMobile’s unique user base.
MoneyOnMobile is a leading provider of financial services via-mobile phone in India. It currently processes over US$ 1 billion through its systems on an annual basis and has delivered services to over 170 million Indians directly and through its 310,000 channel partners and retail outlets across the country.
Enfold is a leading provider of white-label digital lockers worldwide, with a particular focus on the telecom, banking and insurance sectors. It is backed by a range of investors, led by the Shapoorji Pallonji Group of Mumbai, India.
The digital locker service will be hosted on Microsoft’s Azure data centers located in India.
The agreement is unprecedented – it covers more than 12% of India’s population, and is by far the largest deployment of digital lockers in the world. It provides a very large number of people with the ability to securely store their important personal documents – Aadhaar card, PAN card, various certificates, photos, videos – any digital file they want – including transaction receipts each time they use the MoneOnMobile service. Documents can be added to the lockers via email, fax, upload and via photos taken by smartphone cameras.
“This agreement represents a massive expansion of the services we provide to the people of India. Our digital locker is a major convenience for our customers, as it provides them with a secure and very functional single common place to store and manage receipts for not just all the various financial services we provide, but also any other digital file they want to store,” said Ranjeet Oak, Co-Founder and President of MoneyOnMobile. “We also intend to apply for empanelment as a National Digital Locker provider as soon as possible to bring millions of our customers into Prime Minister’s Digital India mandate,” he added.
“Enfold is very pleased to provide the technology that underlies this agreement,” said K. Digvijay Singh of Enfold India Pvt. Ltd. “We want to thank Microsoft for providing us with the resources to build and test our digital lockers at scales of hundreds of millions, so that we are in a position to provide MoneyOnMobile with the speed, scale and size they need for this type of mega-offering.” He also stated that “The current plan is to provide a core of highly functional features in all lockers, with additional features to increase the range of offerings as demand grows.”
“Enfold’s agreement with MoneyOnMobile illustrates the value that Microsoft Cloud is bringing to the Indian market,” said Mark Ozur, Partner Architect and General Manager with Microsoft’s Azure team. “By adopting Azure as their technology platform Enfold has gained the ability to scale to hundreds of millions of users as their business grows. The sky is the limit as we jointly explore additional capabilities to integrate into the Digital Locker offering.”