Yes Bank Ties Up With Nokia, Obopay For Mobile Payment Service

Private sector lender YES Bank today said it has tied-up with Nokia and Obopay India to launch Mobile Money Services that will enable secure transfer of money through a mobile device. Mobile Money Services is based on US firm Obopay’s payments platform and designed to work in partnership with mobile network operators, banks, distributors and merchants.

“We have received the required regulatory nod from the Reserve Bank of India (RBI) as an issuer and custodian of funds. This tie-up will create an ecosystem of financial inclusion, which will be scaleable and sustainable,” said YES Bank Transaction Banking Group President, Suresh Sethi.

The service will allow person-to-person payments, merchant payments, payments for goods and services, person-to-person transfers and recharge of prepaid SIM cards.

“There are 200-million people in India that have access to banking and are financially inclusive. Nearly a billion people have no national ID and are constrained from accessing financial services. This service will reach places where bank branches do not have a physical reach,” Sethi said.

One need not be a YES Bank account-holder to avail of the service. Customers can initiate mobile payments through multiple channels like SMS, IVR, WAP, Java and FIRE, he said. The bank has currently launched this service in Pune as a pilot project.