The Hindu Business Line : Obopay bullish on India

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Bangalore Feb. 4 Obopay, a comprehensive mobile payment service in the US, has announced that it is entering the Indian market. It has appointed Mr Aditya Menon — previously CIO at YES Bank — as Chief Information and Technology Officer for India as part of an international expansion to bring mobile payments to banks, carriers and consumers.

"As we continue to build on our momentum in the US, we are actively exploring new opportunities for mobile payments on a global scale. Clearly India is a great market, which drove our decision to invest there," stated Ms Carol L. Realini, CEO, Obopay.

Obopay's mobile payments service allows mobile phone subscribers to send money, give gifts, pay each other and make purchases from their mobile phone.

`Social money' services

Obopay also announced its acquisition of BillMonk, a pioneer in "social money" services.

Social money is the money that passes between people when they engage in shared consumer experiences, such as splitting the cheque at dinner or sharing expenses while on a road trip.