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M-Banking: Obopay & Yes Bank To Launch Pay Anyone; Paymate – MobileStore

Obopay and banking partne05r Yes Bank will launch a mobile payment solution called Pay Anyone soon. Pay Anyone builds on their previous launch Person to Person by allowing users to transfer money to any other bank account using their mobile.

The service will also offer ticket booking, mobile top ups and flower delivery,  capitalizing on the fast growing mobile userbase. Currently, Obopay has tie ups with Aircel and Tata Indicom.

Last year, Person to Person  payment was launched, offering customers the ability to transfer money over the mobile to other Yes Bank customers. Currently there are about 5,000 customers of Yes Bank who use its mobile payment services across India, according to Finextra. Obopay is also a partner of Grameen and Kotak Mahindra banks.

Paymate Inks Partnership With MobileStore

Competitor Paymate has partnered with Essar’s retail chain MobileStore to offer mobile payment services across its 1,300 stores in over 200 cities. Customers can pay for their purchases, recharge talk-time and even buy or send gift vouchers instantly and securely via the mobile at the store, Business Standard reports. Paymate has tie ups with 9 Indian banks while MChek has around 7.

MChek has clocked more than a million users with Airtel since its commercial launch in June 2008. The two companies announced that more banks would be introduced onto the platform soon.

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Mobile Wallet

None of the services currently being advertised – be it IDBI’s m-wallet, or Airtel’s mChek, will actually allow you to leave your wallet at home. IDBI’s operator-independent m-wallet can only be used to buy movie, train tickets or airline tickets, pay utility bills and shop at certain stores. This does not serve the demand for virtual money that can be used instantly and in emergencies. There is also a restrictive transaction limit of Rs 10,000 due to RBI policy and the fact that only IDBI customers can avail of the service. The purpose of m-wallets should be to enable inclusive banking. As of now, we can only wait for the next step to such a goal. Mehul Desai, COO, C-SAM has said in an interview that we will soon see time and location sensitive mobile banking services.

Related

Digital Payment Companies In India
PayMate Powers PayBill Mobile Payments Services In Nepal; Why Not Direct?
Paymate Signs Up IDBI Bank; A Look At Payment Co Tieups
“A Bank Account With Every Mobile Connection”; Stakeholder Comments On M-Banking Guidelines
“Mobile Payments Only Sustainable With 20-25 M Customer Base”
PayMate Closes $9 million Round Of Funding From Mayfield, KPCB And Sherpalo Ventures

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http://www.linkedin.com/in/preethij

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