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Mobile users using the Obopay mobile payment service will now be able to transfer money from one mobile number to another, in a secure environment

May 2008 by Frédéric Donnette, Global Security Mag EFYTIMES

Obopay India has made your money truly mobile in every sense. It is a foregone conclusion that there are more people with mobile phones than bank accounts in India. Sensing this, Obopay India in partnership with YES BANK has launched a secure mobile payment solution for the first time in India. The Obopay mobile payment solution will now allow YES BANK customers to send money from any mobile number to any mobile number instantly, either using a mobile application downloaded on their mobile phones (J2ME), or a Web application having GPRS connectivity (WAP) or through the instant messaging services using the SMS facility.

YES BANK customers now have the opportunity to transfer upto Rs 25,000 ($625) per transaction to potentially 240 million mobile users in the country by sending an SMS, so long as these users are registered with the YES BANK-Obopay mobile payment solution service. Customers can instantly withdraw cash received through such transfers from over 21,000 ATMs across the country using the YES BANK debit card.

“Together, Obopay and YES BANK are giving Indian mobile consumers power over their money no matter where they are,” said Aditya Menon, executive director, Obopay India. "This service is built for today’s mobile lifestyle, making funds available to consumers anytime they need it and makes your money truly mobile in every sense.”

Commenting on the alliance, Rana Kapoor, founder/managing director and CEO, YES BANK, said, “We are pleased to announce our alliance with Obopay India to relentlessly serve the growing consumer demands and enabling YES BANK customers transact anywhere, anytime.”

YES BANK customers can sign up for the service nationally through forms available at 60 YES BANK retail branches and across 75 ATMs in Mumbai and NCR. Customers registering for this service by 30 April 2008 will be given an incentive of Rs 100 ($2.5) by Obopay which will be credited to the customers account. The incentive will be provided in two parts — Rs 50 ($1.25) at the time of registration and another Rs 50 ($1.25) on completion of three successful transactions.

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