Obopay Enters Indian Market For Mobile Payments

"As we continue to build on our momentum in the United States, we are actively exploring new opportunities for mobile payments on a global scale. Clearly India is a great market, which drove our decision to invest there," stated Carol L. Realini, CEO of Obopay. "With his vast knowledge of India's mobile marketplace and strong industry track record, Aditya Menon is highly qualified to capitalize on the large and growing opportunity in India."

India is the world's fastest-growing mobile market with more than 120 million subscribers and six million new subscribers going live every month. In this country, where mobile phone users outnumber credit and debit card holders by as much as 2.5 to 1, there is a tremendous need for an easy-to-use and readily-available mobile payments solution that allows consumers to send and get money in real-time.

"It's an exciting time for mobile payments in India," said Aditya Menon, chief information and technology officer, Obopay. "I am proud to be leading Obopay's charge into India where there is a need for such a convenient and comprehensive mobile payments solution."

Aditya Menon was previously CIO at Yes Bank. His responsibilities included driving innovation and developing strategic planning guidelines in accordance with the business strategy of the Bank. Prior to joining Yes Bank, Menon was Group CIO at MphasiS, where he was instrumental in integrating disparate technology functions to unify and support a global workforce across IT, BPO and Technologies & Consulting. Menon has been a professional entrepreneur for 12 of his 20 working years in the field of banking software product development and organization building, specifically in the payments and cash management domain.

"What the iPod did for music, the mobile phone will do for money. With Obopay, people have convenient and affordable access to their money from any mobile phone. Our service, which will be provided through leading banks and telecom providers, will bring affordable financial services to every mobile phone subscriber-even those not currently benefiting from banking services today," added Realini.

Obopay's mobile payments service, which is enjoying rapid deployment and consumer adoption in the U.S., allows mobile phone subscribers to send money, give gifts, pay each other and make purchases from their mobile phone. The comprehensive solution provides customers with a real-time, secure, mobile peer-to-peer payment solution.