The Hindu Business Line : Mobile banking pact

Obopay Inc, US-based mobile payment service provider, has entered into an alliance with Grameen Solutions, a technology company founded by Prof. Muhammad Yunus to provide basic financial services to the poor.

While Obopay will provide the technological expertise, Grameen Solutions will provide its domain expertise along with a micro credit base. The initiative, known as the ‘Grameen-Obopay Bank a Billion’ initiative, aims to provide key financi al services to a billion of the world’s poorest people using mobile technology. Any individual with a mobile phone would be able to access services include cross border remittances, money transfer, payments, credit and saving accounts, said Ms Carol Realini, CEO, Obopay.

Ms Realini said they plan to establish corporate sponsorships by August. For this they will identify potential partners such as banks and global technology firms. The services, initially in Mumbai and Bangladesh, will start by October 2008, she said. Though the initial pilot studies have been conducted, Obopay is waiting for the issuance of final operative guidelines for banks on mobile payments by the Reserve Bank of India to decide its operating model in India, said Mr Aditya Menon, Executive Director and CTO, Obopay India. –

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