New Functional Announced for Mobile Money for Banks

September 29th, 2010

This week we announced new functionality for our Mobile Money for Banks offering. The announcement broadens the scope of mobile transaction capabilities for banks and their customers. The new capabilities are based on the feedback and requests that we have received from the most active mobile money users of our service, and from the bank partners that we have been working with. We have continued to get great feedback on the new capabilities  since they have become generally available, and we welcome your feedback regarding what you would like to see from our service and how you would like to use it.

The new capability for Mobile Money for Banks include first-of-its-kind instant mobile transfer capabilities between accounts at different banks, get paid tools including text-to-donate and text-to-pay and features that make it easier for small businesses or even individuals to accept electronic payments.

The new functions empower users with the ability to transfer money between banks instantly, and accept card payments and electronic checks. This is especially important for bank customers that represent small businesses or organizations, or who need to get paid as individuals and who have been unable to accept electronic payments due to high fees, start-up costs, or denial of card services by their banks. The number one request we have gotten from users interested in our service has been for solution that enable users to accept card payments for personal and small business payments, followed by the need to get instant access to the money the are sent. This is what our new capabilities address. There are currently 24 million individuals just like the users who have asked us for this functionality who need to get paid for goods and services, but who have not been able to accept electronic payments according to the Philadelphia Federal Reserve. While less than 30% of all small businesses accept any form of electronic payment, the new functionalities of Mobile Money for Banks allow any small business or individual to get paid electronically via theirs and their clients mobile phones.  This latest addition to our Mobile Money for Banks offering allows the banks that service these users to work with Obopay to bring this capability to market quickly and easily.

Read the full release here.