Obopay tailors mobile payment solutions for the unbanked | MobilePaymentsToday.com
In emerging economies, the debate over consumer adoption of mobile payments has been rendered moot by a dearth of stable financial institutions. Consumers in countries where banks are few or fragile have out of necessity already turned to the one ubiquitous, secure system they have: wireless phone networks. In these markets, consumers are increasingly using their phones as instruments to pay bills, buy groceries and transfer funds for some time.
And the scale of the unbanked in developing countries is enormous. A recent report conducted for Telenor Group by Boston Consulting Group found that 2.5 billion consumers in developing markets, or approximately 72 percent of the adult population in those economies, have no access to financial services.
Several companies have begun providing financial services to the unbanked around the world, but to Redwood City, Calif.-based Obopay Inc., unbanked consumers aren’t just a market segment to be tapped, they’re the very foundation of its business.