Obopay, US based startup is launching it’s payment service in India next month. Unlike players like mChek or JiGrahak which are credit card payment based service, OboPay is taking the debit card route.
To start off with, one needs to register with your respective bank, a PIN (Personal Identification Number) will be generated for mobile payment, and based on your requirement, you can either download the required software or can interact over short messaging service or an Interactive Voice Response.
The banks may charge a nominal fee to the customer for this service. The crucial aspect here is that the one who has to receive the money should also be registered. [source]
Obopay India, which is a separate entity (recently received a funding of $10mn) had to digress from their original/US product plan (which is a pure P2P payment service, for e.g. you can put money in your obopay account and transfer it to anybody in US via their service).
As far as I know, the India business plan is more about licensing their product to banks and enable transactions.
Obopay is launching the product in collaboration with 6 banks, but I believe the real drive for their success lies in tapping the small and medium businesses to start using the service.
Any idea whether these guys are targeting the smb market or general consumer market?
Guess to tap the sme market, they will go to mass merchant aggregators like ccavenue which will give them thousands of merchants etc. just like their competitors paymate.
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