Interview transcript: Aditya Menon, EVP, Global Alliances, Obopay, June 1st 2011
Aditya Menon, EVP of global alliances at Obopay, believes the US service aggregate transcation model is picking up, technologies & partners are critical to success, and P2P transactions have yet to reach critical mass in India. June 16, 2011 | Editorial1. Obopay believes the US service aggregate transcation model is picking up Emmanuel Daniel (ED): I’m speaking with Mr. Aditya Menon, the EVP for Global Alliances of Obopay, which is a company that’s doing a lot of work in the mobile payments space. Give us a quick history of Obopay. Aditya Menon (AM): We were established in 2005. We went live with a U.S. service in 2006, with high independent service, all for directly to consumers. The service took the form of person-to-person mobile payments, along with the plastic card, a MasterCard that you could apply for and use the card to spend in shops, but use the phone to send money to people. ED: So you provide credit to customers? AM: It was a pre-paid model. So we started with that, and then very rapidly we moved into a number of other services, and today, we have four offerings in the U.S. One of them is our MasterCard money send back form, which we operate upon behalf of MasterCard, and that allows U.S. consumers today to send money to each other in the U.S., to anybody with a MasterCard. But more importantly, it also has a cross-border angle, where we’ve just started a U.S. to Mexico remittance corridor, so you can money to Mexico using the service. The service is available at www.mastercardmoneysend.com. You could actually check it out and see how it works. It’s a very new and flexible service. We also partnered with Fidelity, which is FIS, and also First Data Network or STAR to enable person-to-person payments for bank partners of FIS and also to anybody in the U.S. who has a STAR card. STAR is a cross banking network operated by First Data, which covered probably well over 25 percent of the U.S. market, which means that any of those consumers can do instant person-to-person transfers to anybody else. So that characterizes the U.S. servi... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Cards, Channels, India, Technology & OperationsCards,Channels,India,technology, Cards,Channels,India,Technology & Operations, Keywords:Obopay, MasterCard, Nokia, Blackberry, Mobile Payments Obopay, MasterCard, Nokia, Blackberry, Mobile payments
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