Brief

Obopay India and YES Bank launch instant money transfer via mobile phones

Obopay India, a wholly owned subsidiary of Obopay USA, and YES Bank have announced an alliance to launch secure mobile payment solutions for the first time in India. Mobile users using this facility will now be able to transfer money from one mobile number to another, in a secure environment. The mobile payment solution uses SMS amongst other mechanisms to effect money transfer.

The secure 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 popular instant messaging services using the SMS facility. YES Bank customers now have the opportunity to transfer up to Rs 25,000 per transaction to potentially 240 million mobile users in the country using the SMS facility, 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 a YES Bank debit card.

“Together, Obopay and YES Bank are giving Indian mobile consumers power over their money no matter where they are,” said Obopay Executive Director Aditya Menon.

Commenting on this alliance, Rana Kapoor, Founder/ Managing Director & CEO, YES Bank, said “We are pleased to announce our alliance with Obopay India to serve growing consumer demands and enabling our customers transact anywhere, anytime.”

YES Bank customers can sign up for this unique service nationally through forms available at 60 YES Bank Retail Branches and across 75 ATMs in Mumbai and National Capital Region (NCR). Customers registering for this service by April 30, 2008 will be given a special incentive of Rs 100 by Obopay which will be credited to the customers account. The incentive will be provided in two parts—Rs 50 at the time of registration and another Rs 50 on completion of three successful transactions.