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Obopay gets license for mobile wallet

US payments company Obopay has received a license from RBI to operate a wallet service in India. Obopay had in fact entered India through an alliance with YES Bank in 2008 to run a mobile payments service and had raised from several entities, including Nokia, Citigroup, Essar Communications and Qualcomm Ventures. It was providing technology for Nokia Money, a mobile wallet service of the mobile maker launched along with Union Bank of India. However, NokiaMoney shut down operations in 2013 and substantial funds of Obopay were locked in the failed venture. Subsequently, Obopay was taken over by two former Infosys employees Paddy Padmanabhan and Rajiv Kuchhal. It has won a $15 million contract in October from Banque Atlantique in Africa to offer a digital banking platform.

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