YES Bank a private sector bank to offer Mobile Money Services has tied-up with Nokia and Obopay India. Through this facility bank customer using their mobile will be able to transfer money safely. Mobile Money Services works on US firm Obopay's payments platform in association with mobile network operators, banks, distributors and merchants.
Speaking in a conference YES Bank Transaction Banking Group President Suresh Sethi told reporters, "We have received the required regulatory nod from the Reserve Bank of India (RBI) as an issuer and custodian of funds. This tie-up will create an ecosystem of financial inclusion, which will be scaleable and sustainable."
Using their mobile customers can make person-to-person payments, merchant payments, payments for goods and services, person-to-person transfers and recharge of prepaid SIM cards.
Sethi added, "There are 200-million people in India that have access to banking and are financially inclusive. Nearly a billion people have no national ID and are constrained from accessing financial services. This service will reach places where bank branches do not have a physical reach".
He said, besides YES Bank account-holder others can also avail this service. Customers can start transferring funds through mobile using multiple channels like SMS, IVR, WAP, Java and FIRE. This service has been launched in Pune as a pilot project.