Mobile Commerce Daily is now Retail Dive: Mobile Commerce! Click here to learn more!

Banks demand additional mobile features, functionality: Obopay

Mobile financial services provider Obopay Inc. has added new functionality to its Mobile Money for Banks offering, broadening the mobile transaction capabilities for banks and their customers.

The new capabilities include mobile transfer 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 and individuals to accept electronic payments. The new functions let users transfer money between banks and accept card payments and electronic checks.

“The new functionality that we’ve added to our Mobile Money for Banks offering lets a bank or another partner get up and running quickly and easily with their own mobile money service,” said David Schwartz, vice president of corporate and product marketing at Obopay, Redwood City, CA. “Consumers can instantly connect using debit networks to their own bank account, and banks can offer that service to their customers.

“The platform makes banks the center of transactions, and their customers can send money to family members,” he said. “Adding in new get-paid functionality allows people to get paid for goods and services into their bank account via mobile.

“Businesses can get their own short code to get paid via SMS, and there is an enhanced check-out process so you can access payments from anyone in the U.S. via their credit or debit card, or an electronic check.”

Obopay offers financial institutions an interoperable mobile payments service by transforming any mobile phone into a way to send and receive money.

Obopay has established global partnerships with Nokia, MasterCard,  AT&T, Verizon, Essar, Yes Bank in India, Research In Motion’s BlackBerry and SocieteGenerale.

Mobile is money
The new functions for Mobile Money for Banks include:

• Instant debit card networks, which facilitate the ability for people to send and accept mobile payments instantly via any supported debit card or to reload a supported prepaid debit card.

• Real-time account-to-account bank transfers via debit card networks and one-to-four business day transfers for ACH transactions. Obopay users link accounts by entering the account debit card number or bank account and routing number.

• Get-paid tools: Text-to-donate and text-to-pay capabilities and other new get-paid tools let organizations or individuals establish a keyword to receive SMS donations and payments from any mobile phone user in the U.S.
• Get-paid checkout: Enhanced checkout services for mobile and Web-based transactions let Obopay users accept card payments from anyone in the U.S. without the payer needing to register for the Obopay service.

Mr. Schwartz said that while less than 30 percent of all small businesses accept any form of electronic payment, whether because of high fees, equipment set-up costs or denial of card payment services by a bank, the new functionalities of Mobile Money for Banks let small businesses get paid electronically via mobile phones. 

Obopay offers integration options such as fully branded standalone service offerings for Web and mobile applications, as well as single sign on.

Payment system integration options enable the bank’s accounts to be anchors for all mobile transactions through integration with existing debit card network connections, or through the ACH network.

Core banking integrations are also available.

“What is new and different is being able to send and receive money instantly via a bank account—no one else is offering that,” Mr. Schwartz said. “Being able to receive debit and credit card payments from anyone is also huge.

“Anyone can come and use the Obopay service, and any bank can offer it,” he said.

Final Take