Obopay Service Enables Debit Payment via Mobile Device
May 20, 2010
Mobile payments company Obopay announced recently it has launched a suite of mobile banking services that includes a product enabling small businesses or individuals to accept debit card or ACH payments via mobile phone, Website or email. Get Paid by Obopay is part of Mobile Money for Banks, launched by the Redwood City, Calif.-based company “to make bank accounts the anchor for all current and future mobile money transactions,” according to a press release. In addition to payment acceptance, the service also enables P2P and account-to-account transfers. Obopay is marketing the service to banks by playing on the fear that banks are being left behind in mobile by other players in the financial services ecosystem. “Any bank that isn’t looking at how to enter the mobile money market as quickly as possible is risking the loss of business to competitors, the carriers, or PayPal”, said Bob Hedges , managing partner of Boston-based financial services consultancy Mercatus, “Given the considerable level of consumer interest, what banks need is a solution that is easy to implement, inexpensive and fast to deploy. We should anticipate a wave of bank deployments over the next six months.” The Get Paid by Obopay component of Mobile Money for Banks will enable payment acceptance with funds moved directly into the recipient’s bank account. According to published reports, for some of the Obopay services, the company will stand in as the merchant of record, like PayPal.