Obopay, the U.S.-based pioneers in mobile payment services, today announced its formal entry into the Indian market. Obobay India is headquartered in Bangalore and headed by Mr Aditya Menon as Executive Director.

Obopay is a pioneer in mobile person to person (P2P) money transfer and remittance services, and the only service provider that operates cross-bank, cross channel and cross operator. Obopay India will be a catalyst for financial inclusion in India, by providing payment services to any one with a mobile phone.

“It is a foregone conclusion that there are more people with mobile phones than bank accounts in India. Our aim is to reach every Indian with a mobile phone and enable them to make financial transactions from their cell phone, in partnership with banks The Indian market has both the need and maturity for a mobile payment service based on cutting edge technology and strategic business relationships,” says Aditya Menon, Executive Director, Obopay India.

Among the benefits that Obopay India will bring to mobile users in India are P2P Money Transfer, Prepaid Top up, Post Paid Bill Pay, MFI Payments & Collections, Salary Payments, Ticketing for Railways, Buses, Airlines, Cinemas and Events, Insurance Collections & Payments, International Money Transfer, Merchant Transactions, Brokerage Payments, Government Payments, Mobile and TV Content purchase and TV Merchandise.

Some significant developments at Obopay since its inception are:

* July 2007- Obopay partners with Citibank U.S.A, to begin pilot of mobile payment service

· July 2007 – Obopay closes $29 MM third round venture funding, raising a total of $48 Million.

* June 2007 – Obopay partners with Tier 1 mobile carrier Verizon to bring mobile payment service to over 62 million users across the U.S.
* May 2007 – Obopay introduces mobile payments for AOL’s AIM users
* May 2007 – Obopay partners with mobile phone service company Cellular South, to bring mobile payments to their customers
* March 2007 – Obopay introduces Obopay Checkout & launches m-commerce solution for mobile merchants
* January 2007 – Obopay sets up India Operations
* December 2006 – Obopay partners with mobile service carrier, Helio
* November 2006 – Wolfensohn & Co invests in Obopay
* October 2006 – Obopay partners with mobile phone Service Company Amp’d for the first operator supported mobile payments service in the U.S.
* September 2006 – Obopay receives $7 MM strategic financing round
* February 2006 – Obopay receives $10 MM series A funding

Obopay works on any phone and any carrier to empower consumers and businesses with the convenience of mobile payments. Obopay is bringing mobile payments to more consumers through industry-first alliances and is headquartered in Redwood City, California.

Aditya Menon, who heads Obopay India was previously the CIO of Yes Bank. Prior to joining Yes Bank, Aditya was Group CIO at MphasiS. Menon has been a professional entrepreneur for 12 of his 20 working years in the field of banking software product development and organization building, specifically in the payments and cash management domain. He was a pioneer in the field of electronic payments and banking launching the first PC based high value payments systems in 1986 for global banks.

Sourced From: Adfactors Public Relations Pvt Ltd

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