The Mobile Money for Banks service now has what Obopay says is the “first-of-its-kind” mobile transfer capability between accounts at different banks. It also has added text-to-donate and text-to-pay, making it easier for small businesses or individuals to accept electronic payments.
These new features–effectively making it possible for employers, debtees, and others to engage in direct deposit via mobiles–is just the latest evolution in mobile banking in the past several months, indicating that developed and developing nations alike will become more reliant on mobile financial transactions to make their economies go ’round. Plus, these services will help institutions cement an image of dedication to consumer convenience and service.
“The new capabilities enable a bank to set itself apart in the mobile banking market with a complete mobile money service that is unique to the industry and meets consumers’ growing demand for instant mobile transactions,” David Schwartz, Obopay vice president of product and corporate marketing, said in a release. “The new capabilities offer a cost-effective alternative to cash and check transactions that can be very appealing to both individual consumers and small business vendors, particularly those who, for one reason or another, do not or cannot accept any other form of electronic payment.”
The only employers who won’t like this? Those whose cash-flow problems make it impossible for them to distribute even paper paychecks on time.