OBOPAY Secures A Pre-Paid Instrument License From RBI
By making use of the PPI license, OBOPAY will be solving various payment-related problems for their partner clients that would bring efficiency and transparency to the payments process, would help in improving reporting, and would also reduce turnaround times for transfer of funds
Shailendra Naidu, CEO, OBOPAY
OBOPAY, the global mobile payment solutions company, had made an announcement that the company has secured a license for Prepaid Payment Instrument (PPI) from RBI to operate a semi-closed loop wallet in India.
A license will be used by the company in propelling the business in its B2B operations by co-branding the prepaid instrument with a partner brand. By making use of the PPI license, OBOPAY will be solving various payment-related problems for their partner clients that would bring efficiency and transparency to the payments process, would help in improving reporting, and would also reduce turnaround times for transfer of funds.
Commenting on the development, Shailendra Naidu, CEO, OBOPAY, stated that, “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 added, “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. It will enable the customers to do everything a prepaid payment instrument does: P2P, cash-in, bill payments, mobile recharge, and shopping.
The headquarters of OBOPAY are based in Bangalore. OBOPAY is a global mobile payment solutions company that offers payment products, services, solutions, and business consulting to companies across various sectors, namely, telecom, banks, finance, and retail. OBOPAY provides the best-in-class technology by providing a secure interface for all payment solution needs.
The key clientele of the company includes brands such as Airtel, Allianz, Telecel, Azam Group etc. It is spread across 11 plus countries and 3 continents - Asia, Africa, North America.
In 2010, OBOPAY was named as one of the 50 most innovative companies in the world by MIT Technology under TR50 awards platform. OBOPAY was the only financial services provider in the world to be named Technology Pioneer 2010 under World Economic Forum. The company 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.