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Blackberry Mobility Featured Article

October 20, 2010

Instant Payment Likely to Boost Mobile Phone Payment Services

By Mini Swamy, TMCnet Contributor

A research study conducted by Toluna Survey and Poll Services, an independent research firm for Obopay, the pioneer in mobile payments, revealed that in an increasingly mobile world, mobile phone payment services from banks are becoming very popular.

According to the survey, at least 53 percent of consumers were interested in such a facility and would have no qualms in changing their banks if another bank offered such a service.

Nearly 70 percent of the respondents indicated that if the service allowed them to get paid, send or receive money by mobile phone, it would be an incentive to remain at their banks. An equal percentage of respondents stated that the speed of the transaction would be a key driver to using a payment service on a mobile phone.

Another factor which ranked high in the survey was getting paid by mobile phone. Almost 58 percent of those surveyed expressed interest in such a service as it would enable them to send and receive money instantly. 56 percent of the respondents appeared interested in sending or accepting payments using a simple text message and 61 percent said that they were more likely to use mobile phone payments if their banks provided the service.

"Our research and market experience continues to show that people want mobile phone payment services from their banks; however, there are a growing number of non-bank providers who are targeting this market and seek to displace the banks' traditional role in payments," said Obopay Senior Vice President, Michael Diamond, indicating that latest research showed that such an offering would prove a competitive edge for banks, not only in retaining existing customers, but also in attracting new ones. Diamond appeared unsurprised by the consumers’ expectations of instant mobile payment.

Founded in 2005, and headquartered in Redwood City, Obopay, Inc., offers mobile money services that transform any mobile phone into a convenient and easy way to send and receive money. Its mobile money services address the needs of consumers and businesses around the world by providing a service that delivers value, empowers lives and improves opportunity for merchants.

In a related news release, and Benevity Social Ventures, Inc., announced an alliance to power a new text- to-donate offering that enables mobile donations and receipting for any registered charity in the United States. This innovative solution combines Obopay's instant mobile payment technology with expansive donation management, tax receipting and corporate matching functionality provided through Benevity. 

Mini Swamy is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.

Edited by Jaclyn Allard

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