Obopay is Working to Make Mobile Payment Easy
By Azam on August 6, 2008Obopay is planning to enable users to pay for virtually anything through the mobile device. Obopay will offer a comprehensive solution for mobile service providers, merchants, financial service firms and consumer end users . Obopay will team up with mobile service providers to be able to offer their subscribers a complete mobile digital payment solution. Financial services organizations will be able to offer existing account holders a mobile payment solution in addition to companion debit and credit card solutions. Obopay will allow merchants to offer easy and cost-effective payment systems for subscribers with real time financial transactions, lowering cash management costs, and reducing the risk of fraudulent transactions.
Obopay is more of a Peer to Peer Payment System
Currenlty , Obopay offers service in the United States and in India, so its first international rollout in the months ahead will be between the United States and India. People can use the Obopay system to send money to as remittance to family, friends, and or designated individual. Obopay is likely to benefit from the very lucrative remittance industry with overseas workers.
Partnerships
The company is bringing mobile payments to more consumers through industry alliances including: Master Card, Verizon, Citibank, and American Online.
Obopay is currently based in Redwood City and was founded in 2005. Obopay has raised another 29M for the war chest against the highly completive and lucrative mobile payment industry. The round included investors from Essar Communications Holdings Limited led the round, Alliance Bernstein, ONSET Ventures, Redpoint Ventures, Richmond Management and Richmond Global Cellular, Citi, Societe Generale, Qualcomm, and Promethean participated. New investors included Essar Communications Holdings Limited and Olayan America Corporation, a global investment office of The Olayan Group.
Previous fundings
Series B: Qualcom invests 7M in Obopay for mobile payments. The investment is a validation on mobile payment and BREW technology and applications. Series A Obopay raises 10M for mobile payment. Investors include Redpoint Ventures, ONSET Ventures, and New York based Richmond Management.
Categories : India, WirelessTags : , Mobile Payment, Obopay, Paymate, PayPal