Information Services (FIS) has entered the mobile race with the
launch of a person-to-person (P2P) mobile money transfer service
for financial institutions using its core processing
processing services provider into the mobile payments arena and for
FIS’ alliance partner in the venture, US mobile technology
developer Obopay, represents another major milestone.
The alliance brings with it the potential to
offer a branded mobile payments service to FIS’ substantial client
base which includes 40 of the 50 top global banks and totals 13,000
financial institutions in more than 80 countries.
The FIS mobile service will initially be offered
with current accounts or prepaid cards, the latter enabling the
service to be offered to consumers without banking accounts.
According to industry body the SmartCard
Alliance, there are some 80 million unbanked people in the United
The alliance with FIS confirms Obopay’s
frontrunner position in the mobile payments industry in which it
has already established numerous other alliances of
Among these is an alliance with MasterCard
announced in June 2008 to provide the payments platform for the
MasterCard MoneySend P2P service in the US. An attraction of
Obopay’s solution is compatibility with all mobile devices and all
mobile carrier networks.
During 2008, Obopay also extended its reach
globally with the launch of P2P money transfer service in India
through an alliance between its wholly-owned unit Obopay India and
YES Bank, an Indian private sector bank.
Obopay India has also facilitated an alliance
with Bangladesh-based technology company Grameen Solutions. The
objective of the alliance is to provide mobile payments services to
a billion unbanked people by 2018.