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Obopay gets a wallet licence from the Reserve Bank of India

Payments company Obopay has received a wallet licence from the Reserve Bank of India (RBI) and it looks like the company wants to beef up its operations in India in India. The licence was given in October 2017 and is valid up to 31 December, 2022, the RBI website showed. Obopay has a chequered history in India but it did pioneer mobile payments in the country. It had started as a payments service in 2005 in Silicon Valley and made an entry to India along with YES Bank in 2008 to run a mobile payments service for Java-based phones and Blackberry. The company had raised more than $144 million Nokia, Citigroup, Essar Communications, Qualcomm Ventures, Elephant Capital among others. Obopay was powering the back-end operations of Nokia Money, a mobile wallet service launched by the phone manufacturer along with Union Bank of India (UBI) in 2010.  The company said that its customer base in India had crossed one million users in 2011 and was projected to grow further. Most of the company's revenue was locked in with Nokia Money and Obopay imploded when Nokia Money decided to shut down its operations in 2013. Most investors started to downgrade their investment in the company. Elephant Capital wrote off its investment in the company completely. Obopay was sold in a fire sale and was taken over by two former Infosys employees Paddy Padmanabhan and Rajiv Kuchhal. However, it seems that the company is making a comeback right now as it bagged a…

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