SiliconBeat: Obopay: Will let you pay for almost anything with your cell phone. Really.:
"The thing I see giving Obopay's technology the edge in this is twofold; first it's a viral payment system meaning that anyone can recieve money to their phone through an SMS message, and then they can enable those funds by downloading a free app to their phone through the Obopay website. The app is free, the account is free and the debit card is free. Unlike Paypal, their model doesn't require a user to become a merchant to get access to a debit card (everyone has them under Obopay) which means that Obo users can all have access to their money immediately rather than having to wait for a bank transfer.
The second is that this isn't like Google Mobile in that it relies on using manually entered SMS messages; Obopay's application is a fully graphical Java app that gives the users access to all the commands of a service like Paypal, but in a mobile form factor.
Even with the hurdle of having to build brand recognition, I still think Obopay has a bright future in store for them. The mobile payment market is finally recieving some attention, and finally a company is coming along and doing it right rather than concentrating on silly features like Paypal's text messaging instant buy feature.
Garnesh Row on March 31, 2006 08:28 AM"