Bye Bye Cash, Obopay Offers Mobile Money for Banks

Mobile payment provider Obopay, announced Mobile Money for Banks, that allows bank to offer their own branded mobile money service.

Mobile Money for Banks includes the ability to send and transfer money, makes payment card acceptance available to everyone and can be implemented in 30 days or less.
The claim that Mobile Money for Banks will offer the opportunity to replace a substantial amount of cash and check transactions, which turns a cost center into a revenue opportunity for the bank.

They hope that banks will us Mobile Money to compete and that consumers would prefer to use a mobile payment system from their trusted financial service provider.

Mobile Money for Banks gives financial institutions the opportunity to bring to market quickly branded smart phone, Blackberry and iPhone applications, as well as Mobile Internet, SMS and IVR services and a full range of website capabilities.  It is quick and low cost for banks to deploy because it leverages established connections and payment processes to existing payment networks and it provides maximum mobile coverage through established distribution with mobile carriers..

Get Paid by Obopay -enables payments to be received for products or services.  Anyone, including small businesses or individuals, can accept debit card or ACH payments from anyone.  Money is received directly into the recipient’s bank account.  This includes the capability to accept payments directly from a mobile phone, website or email.  Obopay offers a number of tools that people can use to get paid including payment buttons for websites, payment links for emails or email invoices, and social networking widgets.
Mobile P2P – enables bank customers the ability to link and send money to anyone directly from their own bank account using a debit card.

Family money by Obopay – enables bank customers to send money instantly to family members for emergencies or regularly scheduled payments.  Family members receiving the money can direct it to their own bank account if they have one or, if the senders prefer, they can provide them with their own personalized prepaid card, which is great for teens.  Parents can “top-off” funds instantly from their accounts or on a regularly scheduled basis.  Use of the prepaid debit card allows parents to monitor spending in real time.

Transfer Money – enables account-to-account transfers, allowing customers to exchange funds from their bank accounts to accounts outside of their bank.  This is accomplished by simply linking the accounts they want to send money to by entering that account’s debit card number or its bank account and routing number.


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