Mobile Money Transfer Currency News

Press Release from Obopay launching a first-of-its-king mobile money service, powered by Nokia and Obopay. The system uses a mobile payments platform to facilitate Customer Convenience and encourage Financial Inclusion.

MUMBAI – Feb. 15, 2010 – Nokia, a global leader in the mobile telecommunications industry, YES BANK, India’s new-age private sector Bank and Obopay India, a wholly owned subsidiary of Obopay, Inc., have launched a Mobile Payment Service which establishes a platform enabling transfer of money using the mobile device in a secure manner. YES BANK, one of the pioneer banks in the Mobile Payments space, has received the regulatory approvals from the Reserve Bank of India (RBI), India’s Central Bank to act as the Issuing bank and the custodian of funds under these services. This innovative pre-paid mobile payments service will be initiated as a pilot in Pune, one of the largest metropolitan cities in India. These services will be widely distributed leveraging off the reach of Nokia’s retail channel.
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