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:
- Mobile Money for Banks
- Obopay on Twitter
- Press Release
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