Obopay India and YES BANK launch instant money transfer facility

Obopay India and YES BANK have announced an alliance to launch secure m-payment solutions in India.

Mobile users using this facility will now be able to transfer money from one mobile number to another, in a secure environment. The m-payment solution uses the most popular SMS facility amongst others to affect money transfer.

“Together, Obopay and YES BANK are giving Indian mobile consumer's power over their money no matter where they are,” says Aditya Menon, executive director, Obopay. "This service is built for today's mobile lifestyle, making funds available to consumers anytime they need it and makes your money truly mobile in every sense. We're excited to bring this innovative service to new and existing YES BANK customers in India.”

YES BANK customers can either use a mobile application downloaded on their mobile (J2ME), or a web application having GPRS connectivity (WAP) or through the popular instant messaging services using the SMS facility. YES BANK customers now have the opportunity to transfer up to Rs 25,000 ($625) per transaction to potentially 240m mobile users in the country using the SMS facility, so long as these users are registered with the YES BANK service. Customers can instantly withdraw cash received through such transfers from over 21,000 ATM's across the country using the YES BANK debit card.

YES BANK customers can sign up for the service nationally through forms available at 60 YES BANK Retail Branches and across 75 ATM's in Mumbai and National Capital Region (NCR). Customers registering for this service by April 30, 2008 will be given a special incentive of Rs 100 ($2.50) by Obopay which will be credited to the customers account. The incentive will be provided in two parts - Rs 50 at the time of registration and another Rs 50 on completion of three successful transactions.