Obopay, the pioneer in mobile money solutions, today announced new functionality for its Mobile Money for Banks offering, broadening the scope of mobile transaction capabilities for banks and their customers.
The new capabilities for Mobile Money for Banks include first-of-its-kind mobile transfer capabilities between accounts at different banks, get paid tools including text-to-donate and text-to-pay and features that make it easier for small businesses or even individuals to accept electronic payments.
Obopay's Mobile Money for Banks combines complete brand control and a full range of mobile transactions and applications with simple low-cost integration and deployment. The new functions empower users with the ability to transfer money between banks and accept card payments and electronic checks.
The new functions for Mobile Money for Banks include:
- Instant Debit Card Networks: Facilitates the ability for people to send and accept mobile payments instantly via any supported debit card or to reload a supported prepaid debit card.
- Bank Transfers: Real-time account-to-account bank transfers via debit card networks and one-to-four business day transfers for ACH transactions. Obopay users link accounts by entering the account debit card number or bank account and routing number.
- Get Paid Tools: Text-to-Donate and Text-to-Pay capabilities and other new get paid tools allow organizations or individuals to establish a keyword to receive text donations and payments from any mobile phone user in the US.
- Get Paid Checkout: Enhanced checkout services for mobile and web-based transactions allow Obopay users to accept card payments from anyone in the US without the payer needing to register for the Obopay service.
"The new capabilities enable a bank to set itself apart in the mobile banking market with a complete mobile money service that is unique to the industry and meets consumers' growing demand for instant mobile transactions," said David Schwartz, Obopay vice president of product and corporate marketing. "The new capabilities offer a cost-effective alternative to cash and check transactionsctions that can be very appealing to both individual consumers and small business vendors, particularly those who, for one reason or another, do not or cannot accept any other form of electronic payment. This makes it a great selling point for banks looking to ensure customer loyalty and attract new customers."
Schwartz also noted that while less than 30% of all small businesses accept any form of electronic payment - whether because of high fees, equipment set up costs or denial of card payment services by a bank - the new functionalities of Mobile Money for Banks allow small businesses to get paid electronically via mobile phone.
"Five million people donated to the Haiti earthquake relief effort by texting from their mobile phones, so the ability to send money via text is a welcome functionality to the mobile phone user," said Schwartz. "Mobile Money for Banks' new functionalities will not only make that fundraising capability available to all charitable organizations, but also make it easy to do by simply establishing a keyword to which people can text their donations. Non-profits will also be able to accept payments from their members by text message, which will make their fundraising efforts that much easier."
Obopay offers a variety of inexpensive and flexible integration options including fully branded standalone service offerings for web and mobile applications, as well as single sign on (SSO). Payment system integration options enable the bank's accounts to be anchors for all mobile transactions through integration with existing debit card network connections, or through the ACH network. Core banking integrations are also available.