wordpress blog stats
Connect with us

Hi, what are you looking for?

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.

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

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

News

By Anand Venkatanarayanan                         There has been enough commentary about the Indian IT...

News

By Rahul Rai and Shruti Aji Murali The Indian antitrust regulator, the Competition Commission of India (CCI) has a little more than a decade...

News

By Stella Joseph, Prakhil Mishra, and Surabhi Prabhudesai The recent difference of opinions between the Government and Twitter brings to fore the increasing scrutiny...

News

This article is being posted here courtesy of The Wire, where it was originally published on June 17.  By Saksham Singh The St Petersburg paradox,...

You May Also Like

News

The month of July recorded an increase of 432.5 million in the number of UPI transactions and saw the highest number of average transactions...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ