OBOPAY Secures a Pre-paid Instrument License from RBI
New Delhi, Delhi, India
OBOPAY, the global mobile payment solutions company, recently announced that the company has secured alicense for Prepaid Payment Instrument (PPI) from the Reserve Bank of India to operate a semi-closed loop wallet in the country.
The company will also be using the license in propelling the business in its B2B operationsby co-branding the prepaid instrument with a partner brand. Using the PPI license, OBOPAY will solve various payment related problems for their partner clients – bringing efficiency and transparency to the payments process, improving reporting, and reducing turnaround times for funds transfers.
Commenting on the development, Shailendra Naidu, CEO, OBOPAY, said, “The PPI license combined with our technology expertise can be leveraged by organizations like financial institutions, or even independents who want to launch a mobile wallet. We are exploring partnerships with companies in sectors including SME lending, government subsidy disbursement, health and insurance payments, travel wallets, employee benefits, distribution and supply chain payments, shopping, toll plazas and education among others.”
He further mentioned, “In the future, we will also be integrating our platform with UPI as per the RBI’s latest interoperability guidelines. Customers on the OBOPAY platform will soon be able to transact with a variety of other platforms: other mobile wallets, UPI, banks etc.”
The PPI license can be implemented in a variety of industry segments. The license will enable the customers to do everything a prepaid payment instrument does: P2P, cash-in, bill payments, mobile recharge, and shopping.
About OBOPAY
Headquartered in Bangalore, OBOPAY is a global mobile payment solutions company offering payment products, solutions, services and business consulting to companies across sectors such as telecom, finance, banks and retail to name a few. The company provides best-in- class technology by providing a unified, robust and secure interface for all payment solution needs.
The key current clientele of the company is spread across 11 plus countries and 3 continents – Asia, Africa, North America – and includes brands like Airtel, Allianz, Telecel, Azam Group etc. The key driver at OBOPAY, is the vision to excel in service and products, committed to help more and more clients, customers and partners gain from us. Bigger and better with each passing day.
In the year 2010, OBOPAY was named as one of the 50 most innovative companies in the world by MIT Technology under TR50 awards platform. Under World Economic Forum, the company was the only financial services provider in the world to be named Technology Pioneer 2010. OBOPAY was also selected as a 2010 AlwaysOn Global 250 top private companies AO250 Global Summit at Stanford. In 2011, OBOPAY won the Best Multi-channel capability Project Award Winner under The Asian Banker forum. OBOPAY also won the Mobile trax award for mobile banking and payments in 2013.