Obopay rolls out mobile payment service for Nokia users

With mobile banking steadily gaining pace, the service providers are gearing up to make the most out of it. Obopay, a mobile payment service provider, is all set to expand across the country on the back of a tie-up with handset manufacturer Nokia. The company had earlier joined hands with Union Bank of India and YES Bank.

The prepaid service is currently available in 130 cities in India and going ahead will be available at more than 200,000 Nokia Priority dealers, 2,300 branches of Union Bank of India and 214 branches of YES Bank. “Over the past two quarters there has been more than 50% growth on a monthly basis hence ensuring faster uptake of the service across the country,” said Deepak Chandnani, chief executive officer, Obopay. He said that the company is in talks with other banks and the service will be available across the country by end of this financial year.

An individual need not have a bank account to make use of this service. A prepaid mobile account can be opened with the help of a photo identification card and address proof. The service allows an individual to transfer money, make utility bill payments and recharge mobile phone accounts. Money can also be transferred from one bank to another with the help of National Payments Corporation of India.

In order to promote cashless transactions, Reserve Bank of India had raised the limit of mobile banking from Rs 1,000 to Rs 5,000 per transaction in May 2011. According to NPCI, the total amount transferred via mobile phones crossed Rs 3.17 crore while the issuance of Mobile Money Identifier (MMIDs) neared 15 million in September 2011.

Source: Business Standard