The Hindu Business Line : YES Bank, Obopay launch mobile payment services

Money transfer facility: Mr Suresh Seth (left), President, Transaction Banking, YES Bank, and Mr Aditya Menon, Executive Director, Obopay, at a press conference in Mumbai on Wednesday.–

L.N. Revathy

Coimbatore, March 26 YES Bank and mobile payment service provider Obopay India have jointly launched ‘secure mobile payment solution’ product.

The service is expected to facilitate YES Bank customers, sending money from one mobile number to another instantly. The facility would, however, function only if the user is registered with YESBank-Obopay Mobile Payment Solution service and has the mobile application downloaded on the mobile phone (J2ME) or a Web application having GPRS connectivity (WAP) or through the popular SMS route.

Though this instant money transfer medium offering would presently be available only for YES Bank customers, it would be available to customers in select banks too within the next three months, Mr Ravishankar, Country Head (Direct Banking), told Business Line over phone (after announcing the launch of the service in Mumbai).

According to Mr Ravishankar, three nationalised banks, a couple of co-operative banks and some foreign banks had evinced interest in offering this service. The facility offers transfer up to Rs 25,000 a transaction. It is not for free; customers availing this service would have to pay an annual enrolment fee of Rs 149 and the transaction fee would be 1 per cent or Rs 5, or a maximum of Rs 100 per transaction. Customers would be able to withdraw the cash so transferred from any of the ATMs using the YESs Bank debit card, he said.

To a question on security, he said “except for downloading the application to facilitate this service, there is nothing on the handset. Everything is encrypted. So even if one were to misplace or lose his handset, there would be no clue.”

What if one took the instant messaging services route? “The Interactive Voice Response call back would ask for PIN and other details to ensure a secure environment.”

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