India’s Yes Bank runs m-pilot
(18 February 2010 – India) Private Indian bank, Yes Bank, has teamed up with the world’s largest handset manufacturer, Nokia, to trial a commercial mobile service pilot.
The bank, which claims to cater to the ‘future industries of India’, has launched a pilot scheme that allows customers to transfer money from one person to another using mobile phones.
The technology also allows consumers to pay utility bills and top up SIM cards; the duo expects in the future to also add the function of paying for goods and services via the handset.
Nokia last year acquired a US$70 million (A$77 million) stake in Obopay and developed the system based on the m-payment company’s technology. The pair then developed a mobile financial management and payments service focused on unbanked consumers in developing countries.
Obopay and Yes Bank had a previous partnership allowing customers to make person-to-person and person-to-bank payments.
India has the fastest growing cellular market in the world, said Obopay.
The country boasts 500 million mobile phones and is expected to increase to more that 900 million by the end of 2013, yet 41 percent of the population in lacking a basic bank account.
The technology also allows consumers to pay utility bills and top up SIM cards; the duo expects in the future to also add the function of paying for goods and services via the handset.
Nokia last year acquired a US$70 million (A$77 million) stake in Obopay and developed the system based on the m-payment company’s technology. The pair then developed a mobile financial management and payments service focused on unbanked consumers in developing countries.
Obopay and Yes Bank had a previous partnership allowing customers to make person-to-person and person-to-bank payments.
India has the fastest growing cellular market in the world, said Obopay.
The country boasts 500 million mobile phones and is expected to increase to more that 900 million by the end of 2013, yet 41 percent of the population in lacking a basic bank account.
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