Mobile Money Is The Most Important Innovation In Banking In 30 Years

Mobile Money Is The Most Important Innovation In Banking In 30 Years
Mobile Money is reaching a tipping point in the US. I just returned from traveling around the world meeting with bankers discussing their successes with mobile. All the bankers I talked to are working on mobile banking. But it isn’t just about the rest of world anymore – it’s happening here in the US as well and it is changing everything.
Today Obopay announced a new offering, Mobile Money for Banks. US banks are beginning to understand how big and transformational mobile will be for their business. And Obopay has developed a bank offering that benefits from our innovation on three continents. It gives the banks what they need to have a strong innovative offering and provides it in a way that they can do a very fast, low cost implementation with a complete mobile money transaction set. 1 month to advanced bank branded mobile money which includes mobile applications, web widgets, and most sought after consumer use cases. Mobile payments have reached a tipping point.
The offering is way beyond bank transfer (repackaging ACH) and traditional niche P2P services.  It includes a number of industry firsts for mobile payments, all based on successful use cases we have experienced: the ability for small sellers and cash based merchants to get paid through mobile phone, website or email; instant payments from one family member to another; and P2Ps that are instant and optimized for a mobile experience. Analysts and our primary research confirms that banks must act now to implement a mobile payment program or risk losing this revenue stream to their competitors or non –traditional providers like Paypal, Apple or Mobile Carriers. With Mobile Money for Banks we are giving them the ability to lead not follow.
It is also the culmination of years of experience and these products are a natural extension of our company strategy, since we have been working with banks some time now. Thus far the response has been very positive as we have shared the details with our banks, channel partners like MasterCard and FIS, and with press and analysts.
We have heard the message from our banking partners regarding what they really want – and we have provided it :
Bank branded and controlled
Easy and swift implementation
Inexpensive solution
I am really excited about the market opportunity and our new offering. Mobile Money will be $630B market according to Jupiter by 2014 – and mobile has a track record of being faster and bigger than anyone ever predicts. Proud of our offering and excited to work with banks.

iPhone ObopayMobile Money is reaching a tipping point in the US. I just returned from traveling around the world meeting with bankers discussing their successes with mobile. All the bankers I talked to are working on mobile banking. But it isn’t just about the rest of world anymore – it’s happening here in the US as well and it is changing everything.

Today Obopay announced a new offering, Mobile Money for Banks. US banks are beginning to understand how big and transformational mobile will be for their business. And Obopay has developed a bank offering that benefits from our innovation on three continents. It gives the banks what they need to have a strong innovative offering and provides it in a way that they can do a very fast, low cost implementation with a complete mobile money transaction set. 1 month to advanced bank branded mobile money which includes mobile applications, web widgets, and most sought after consumer use cases. Mobile payments have reached a tipping point.

The offering is way beyond bank transfer (repackaging ACH) and traditional niche P2P services.  It includes a number of industry firsts for mobile payments, all based on successful use cases we have experienced: the ability for small sellers and cash based merchants to get paid through mobile phone, website or email; instant payments from one family member to another; and P2Ps that are instant and optimized for a mobile experience. Analysts and our primary research confirms that banks must act now to implement a mobile payment program or risk losing this revenue stream to their competitors or non –traditional providers like Paypal, Apple or Mobile Carriers. With Mobile Money for Banks we are giving them the ability to lead not follow.

It is also the culmination of years of experience and these products are a natural extension of our company strategy, since we have been working with banks some time now. Thus far the response has been very positive as we have shared the details with our banks, channel partners like MasterCard and FIS, and with press and analysts.

We have heard the message from our banking partners regarding what they really want – and we have provided it:

  • Bank branded and controlled
  • Easy and swift implementation
  • Inexpensive solution

I am really excited about the market opportunity and our new offering. Mobile Money will be $630B market according to Jupiter by 2014 – and mobile has a track record of being faster and bigger than anyone ever predicts. Proud of our offering and excited to work with banks.

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May 11th, 2010

The Google / iPhone dustup, and the need for a true open mobile web

Union Square Ventures’ Fred Wilson believes the Google/iPhone situation shows the need for interoperability: every device should run on every network, and every app on every handset.  This also leads him to wonder if Apple has begun to make the same mistake with the iPhone that it made 25 years ago with the Mac.

August 4th, 2009

Mobile handset market consolidation: not far away?

ABI Research says handset “consolidation may not necessarily come from tightening shipment volumes but also from greater integration of hardware, OS and applications development. ASPs [average selling prices] for smartphones are higher than the overall average, and have supported R&D to date; but in such a competitive environment, the R&D pricetag can only go up.”   Stacey Higginbotham adds that “Apple and Research in Motion take in 31 percent and 35 percent of the mobile phone industry’s profits respectively. So the pressure on middle-tier providers such as Nokia or Motorola, which are seeing the profits on their phones fall, will force them to consolidate. The only question is, who will be a buyer and who will be a seller?”

1 comment July 28th, 2009

At MobileBeat: Apps vs. the web: who will win?

A debate between Apple and all the apps developers on one side, and Google on the other.  Google says it will be easier to build apps for the browser, rather than a multiplicity of OS’s.   However, apps work even when your Internet connections are dropped.

July 20th, 2009

Thoughts on consumers, smart phones, and keyboards

When the iPhone came out and attracted customers despite not having a physical keyboard, many predicted that the device’s success would be limited. This is an interesting take on why that has proven to not be true, and how Apple’s design strategy may have played into their apparent commitment to not using physical keyboards.

July 8th, 2009

Apple recalls their Ultracompact USB Power Adapter

iphone sms

iPhone 3g owners received the preceding sms message yesterday afternoon.  Turns out “that under certain conditions the new ultracompact Apple USB power adapter’s metal prongs can break off and remain in a power outlet, creating a risk of electric shock.”  Apple is offering replacement via orders on their website at http://www.apple.com/support/usbadapter/exchangeprogram/ or through their retail stores starting Oct. 10.

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September 23rd, 2008

Apple Releases New Update for iPhone 3G… Will It Fix the Bugs?

Just yesterday, Apple released iPhone update 2.0.2 which is supposedly designed to improve communications between the smart phone and wireless networks.  This is good news considering, since the release of the iPhone 3G on July 11th, there have been nothing but complaints about glitches and poor connectivity and bad battery life. 

2.0.2 Update

The bay area-based company didn’t even acknowledge a problem with is phone until two days ago… only after completing the 2.0.2 patch to offer worldwide.  And even then, the description of the iPhone issue was vague at best, as Apple spokespeople decline to specify the Apple part that the patch was targeting, whether it be the antenna and amplifier, the radio frequency transceiver, etc.  This is a little bit scary in terms of consumer confidence…  if they neglected to tell us about this problem until it was solved months later, are there any other significant problems that Apple is keeping under wraps?  For more info here’s an article printing an interview with Jennifer Bowcock, Apple spokeswoman.

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August 20th, 2008

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