Firm Launches MobilePayments

PALO ALTO, Calif. - (03/31/06) -- OboPay announced Thursday it isrolling out a mobile payments service that allows consumers to makeperson-to-person fund transfers and to pay for purchases using acompanion debit card. Consumers can use the OboPay service bydownloading its m-payments application to their hand sets, thenmanage all of their finances--including funds transfer, checkingbalances, and reviewing transaction history. The system works onany Web-enabled cell phone. Users can also use the system toreceive money from any OboPay user. The funds are depositedimmediately over the OboPay network, and can send money to almostany mobile handset. The OboPay service also has a companion debitcard that can be used to pay for purchases in retail outlets ormaking cash withdrawals at ATMs. OboPay said it is currently pilottesting the system with several wireless carriers and expects afull commercial launch by year-end. Launch of the new mobilepayment system comes a few days after PayPal announced theintroduction of its own system allowing funds transfer via textmessaging.