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Financial transaction involving sending and receiving money perhaps the most important aspect in business and personal life. So we always for easy and faster ways in this regard. Today I will show how you can do this.

Banks have come up with the concept of mobile banking for quite sometime but how about receiving and sending across spectrum. Here, comes a startup company, Obopay, headquarted in Redwood City, California, USA.

How Obopay works?

Obopay requires you to sign-up using your bank account information. Once you sign-up, you will receive a secret Mobile Personal Identification Number or MPIN ( generated by your BANK). This PIN number will be necessary whenever you send or receive money using Obopay. After a transaction, Obopay intimates both the parties.

Obopay has three options of usage, SMS, Obopay application and mobile web browser on your mobile phone.

The SMS option works with any mobile phone. One has to send sms in various formats to 56161.

Obopay application is available as a free download. However, to use this application you would require a cell phone which supports GPRS connection and it should be activated.

The third option is to access the mobile website of Obopay at wap.obopay.in. To access this site you will have to send an SMS ‘Obopay’ to 56161 to get the username and password. Read more ….

Is Obopay secure?

It seems secure. As you would need to use the secret MPIN number for sending or receiving money, it should not affect you even you lose your cell phone.

Obopay has tied up with Yes Bank in India and one can avail Obopay’s service at any Yes Bank branch.

How much does it cost?

It is free while receiving money. But you will be charged for sending money.

The Nokia Ovi platform is something on the line of Apple itunes store. It was supposed to start at 6 pm today at Nokia concept showroom, Church street, off Brigade road, Bangalore. I came to know about this from Phani Raj at Indiblogger’s meet. So from there come here directly. By the time I reached it was already over 7 pm. I was able to capture a video of only the last moments. The was a video presentation on the Ovi platform. Also, Nokia distributed goodies to 3 people by a lucky draw. One guy got Nokia 5230.

Check the little video I took there.