The Bankwatch

Tracking the consumer evolution of financial services

“When I send you money, all I need is your cell phone number”

Obopay is a service to watch.  With a $48 million war chest, they are well funded, and provide a simple service well.  Fits well with the dis-aggregated financial services model we have been discussing here.  By that, I mean that the current full service Bank model is showing strain, and in the short run at least, will be faced with many operators providing components of the old Bank model at better value to consumers.  Value, meaning better price, and enhanced convenience.

News Blog – Daily Brief: Prepare to Lose Your Wallet – Portfolio.com

“When I send you money, all I need is your cell phone number,” Realini said. She declined to say how many users Obopay currently has or how much money is changing hands at present. She would only say that both figures have exceeded the company’s expectations.

I will do a lot more on payments soon, but I like this statement, just to get the mouth watering.

The day the Obopay/Verizon tie-up was announced, shares of that old standby Western Union plunged more than 5 percent, wiping out nearly $1 billion in market capitalization.

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Written by Colin Henderson

August 21, 2007 at 22:26

Posted in Payments

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