Earlier this week Obopay announced its partnership with the STAR Network, offering an instant and easily integrated offering. This will enable banks or credit unions to easily bring their own branded mobile money service to market and offer it to their customers. The partnership enables banks to leverage their existing connections and back office processes that they already have established with the STAR Network. Read about it here.

1.      What is the significance of this announcement?

a.       As you might expect, Obopay is very bullish about this announcement. We have a long history of firsts in the United States – first to launch mobile money transfer, first to deliver a smart phone application for mobile money, first to form a major partnership with a global financial leader – MasterCard – to name a few. Now we are the first to deliver the mobile money solution that allows people and businesses to instantly receive money directly into their bank account.

2.      Is this different than what others are offering?

a.       Our instant transfer to over 80 million STAR debit accounts (at over 4800 banks and credit unions) in the US is unique in the market – and the sender need not be in the same bank as the receiver. Instant is expectation in mobile. Many of us have been conditioned  to waiting for transfers into a bank account – like if I use PayPal it could take days to show up in my bank account. But in mobile everything is instant – calls, texts, application downloads – no one waits. So for this mobile generation they want things to happen as fast as a text message. We deliver this. No more waiting to have you money where you want it.

3.      What is the long term role of the debit networks in mobile financial services?

a.       Debit networks help consumers and businesses get access to their funds from anywhere and right away – but have traditionally been tied to branch banking. Now, with our solution, that same infrastructure becomes relevant, and even more valuable, in the new world of mobile. This will allow new mobile functionality based on powerful existing infrastructure. And everyone wins – especially the consumers.

4.      Will debit networks be important globally or just in the US?

a.       Yes, in fact we are already rolling out similar capabilities in other markets.

5.      What do you see being the next critical step for Mobile Money adoption in the U.S.?

a.       US consumers want mobile money, we see that everyday. The next critical step is distribution. That is why we are focused on offering our services through companies that have reach to all the consumers that need and want mobile money. The next critical step is marketing and distribution.

Similar Posts:

Share