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.
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.
Links:
May 11th, 2010
CEO Carol Realini on What’s Next with Obopay and Mobile Payments
Carol Realini, CEO Obopay, Inc.
Carol Realini is the driving force behind Obopay which has allowed customers to send and receive money through mobile phone SMS since 2005. In this exclusive NEXTcast interview, Realini reveals Obopay’s strategy to bring mobile payments to the masses. Listen to the interview
March 9th, 2010
Recent data is pointing to the explosive growth of mobile payments and now Thomas A. Layman, a former chief economist at Visa Inc. and the founder and president of Global Vision Group in San Mateo Calif., said “that recession-wracked consumers likely would warm to mobile payment technologies that could help them better manage their spending,” as reported in MobileBanker.
October 16th, 2009
Carol Coye Benson from PaymentsViews talks with Michael Diamond, Senior Vice President of Business Development at Obopay, about Obopay’s current status and future plans.
August 6th, 2009
The frontiers of mobile payment and promotion continue to expand. As examples, see this piece about a new study showing that many consumers with web-enabled cell phones have an interest in scannable mobile coupons. Digital coupons are sent to cell phones upon consumer request and redeemed by a retail cashier that scans the cell phone display screen, which holds product unique barcode information. Since this concept can easily be married to true mobile payment it’s easy to see how creative marketers can be. Another innovative promotion: HarperCollins is using bar codes on the back of book jackets, to enable consumers to scan them with mobile device cameras and connect directly to supplementary Internet content about the book they’ve just bought, including video interviews with the authors.
June 22nd, 2009
Marin Perez at InformationWeek reports that MasterCard has rolled out in the United States a payment service that enables users to do person-to-person transfers with their cell phones or smartphones. The service, called MoneySend, is a technology collaboration with Obopay, and it lets customers send and receive funds through text messages, mobile browsers, dedicated mobile applications, and a desktop PC. The company said this service is a flexible solution that has multiple real-life applications. One example is that parents could use it to send money to college kids, and it could potentially be used for virtual goods in social networks as well.
June 17th, 2009
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The new Obopay BREW application is now available to Verizon Wireless subscribers with a data plan and access to Verizon GetitNow services. The new application has a new 6-Digit PIN for increased security.
Existing Obopay BREW application users, can continue to use their existing BREW application but we advise that users terminate their subscription to the Obopay BREW client application and download the new FREE BREW application to their GetItNow Mobile handset. The NEW FREE Obopay BREW application is available from your mobile phone at: |
- Tools on the Go – in GetItNow
- Featured Applications – in GetItNow
- Shopping – in GetItNow
- Business / Tools – in GetItNow
- And a new feature is available for Verizon Wireless subscribers to send a SMS message with “OBOP” to 2777
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September 17th, 2008
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