Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Obopay
Obopay specializes in mobile payment systems. The service allows the transfer of money between mobile phones. Once a customer creates an Obopay account, money can be added from a credit card, debit card, or a bank transfer. From a technical point of view, Obopay service currently works in three ways: via SMS, via Obopay mobile application (requires a smartphone), or via Internet browser (WAP).
The company is headquartered in Redwood City, California.
Milestones
- 2005: Company founded by Carol Realini
- March 2008: Obopay launched its services in India through a wholly owned subsidiary
- March 2009: Nokia announced that it would invest in Obopay, and later in August 2009 unveiled its service Nokia Money.
- 2010: Obopay was selected as Technology Pioneer by the World Economic Forum
More information: Obopay