Obopay Announces International Expansion

Obopay's global vision brings mobile money transfer to consumers in India

REDWOOD CITY, Calif., March 27 /PRNewswire/ -- Obopay, Inc., the pioneering service provider for payments via mobile phones, today announced the launch of their instant money transfer service in India through an alliance between wholly-owned subsidiary Obopay India and YES BANK, an Indian private sector bank.

The launch of Obopay's service in India represents a significant development in Obopay's commitment to delivering on a unique and market- shaping vision for the future of mobile money transfer and mobile payments.

"Since our launch in 2005, Obopay has grown based on our recognition of the enormous market need for immediate, secure and convenient mobile money transfer," said Obopay Chief Executive Officer Carol Realini. "We have recently announced significant product enhancements, including the ability to use Obopay with any existing American bank account, and our expansion into the Indian market demonstrates Obopay's viability in the global market."

With Obopay, YES BANK customers securely and instantly transfer money to and from any mobile phone number with Obopay's mobile application, text message or mobile Web. YES BANK customers can instantly withdraw cash received using their YES BANK debit card. YES BANK customers can sign up for Obopay through forms available at YES BANK branches and ATMs in Mumbai and National Capital Region (NCR).

"Together, Obopay and YES BANK give Indian mobile consumers power over their money no matter where they are," said Obopay India Executive Director Aditya Menon. "This service is built for today's mobile lifestyle, making funds available to consumers anytime, anywhere. We're excited to bring this innovative service to India."

With more than 250 million mobile phones in use, India's mobile consumer population is on par with America's 257 million mobile consumers. India's mobile market has grown exponentially in recent months, adding more than 8 million customers each month in 2008.

For more information about Obopay, visit www.obopay.com.

ABOUT OBOPAY

Obopay, Inc. (www.obopay.com) is a pioneering service that lets consumers and businesses purchase, pay and transfer money through any mobile phone using Obopay's mobile application, text message, mobile Web, widget or Obopay.com. As the first mobile payment service created exclusively for the mobile phone, only Obopay works on any phone and any carrier to empower consumers and businesses with the convenience of mobile payments. Obopay is bringing mobile payments to more consumers through industry-first alliances and is headquartered in Redwood City, California.

ABOUT YES BANK

YES BANK, India's new age private sector bank, is the outcome of the professional commitment of its founder, Rana Kapoor, to establish a high quality, customer centric, service driven, private Indian Bank catering to the "Future Industries of India." YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to its customers. YES BANK takes a knowledge driven approach to banking and delivers an unprecedented customer experience for its clients.

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Source: Obopay, Inc.

CONTACT: Erin Mitchell, RLM Public Relations, +1-212-741-5106 x233,
obopay@RLMpr.com

Web site: http://www.obopay.com/

2008-03-27 16:08:56 0321778 PRNEWSWIRE