Highlights:
•yu unveils mobile money transfer service branded yuCash by Obopay
•yuCash by Obopay is launching in Kenya and will be an Africa wide platform
•yuCash has partnered with Equity Bank (which has one of the largest branch networks in Kenya) and Obopay (a leading player in mobile banking and payments technology provisioning internationally).
•Unique set of customer-centric benefits that redefine mobile money transfer, including a record of transaction
Demonstrating its continued commitment to consumers, local telecommunications service provider Essar Telecom Kenya Limited's yu branded mobile phone service has introduced its mobile money transfer service.
The service branded "yuCash by Obopay" is the latest in services the firm has unveiled and is positioned to change the landscape of mobile money transfer in the country.
Speaking at the launch of yuCash by Obopay, yu's Chief Commercial Officer, Kunal Ramteke explained that over the next two months, yuCash by Obopay will be working to grow it's countrywide network of agents which will allow subscribers to transact from anywhere in the country. "We have partnered with Equity Bank, who have a large countrywide network," Kunal said.
"Money transfer is a big opportunity for Africa, which has a large unbanked population," Jayant Khosla, CEO-Africa for Essar Group said. "It is with this in mind that as we grow into other countries in Africa, we will ensure that this same innovative platform of mobile money transfer will also be utilized across the continent."
Jayant pointed out that yu is working with strong partners who have the ability and capacity to support this continent growth. Among these partners is Obopay - one of the leading players in mobile banking, mobile payments and technology provisioning internationally, whom Nokia has in the recent past invested in. "We are very pleased with this partnership with Obopay, who was recently one of 26 companies in the world and the only financial services provider to be named Technology Pioneer 2010 by the World Economic Forum for its innovation and transformational technology," Jayant included.
Describing the benefits of the service, Kunal enthused that this service would redefine the way consumers transact money through their mobile phones.
"yuCash by Obopay displays a host of unique features which enhance the subscriber's experience over and above just sending and receiving money". One very useful feature is the ability of a consumer to get a complete record of their transactions of the past 30 days - enabling them to keep a clear track on their transactions, eliminating the need to keep a manual record. Kunal confirmed that other features will be unveiled as yuCash by Obopay begins operations.
About Essar Telecom Business Group
Essar has significant interests in telecommunications services, spanning mobile telephony, telecom tower infrastructure, telecom retail and IT/telecom enabled services.
•Essar holds a 33% interest in Vodafone Essar, which is a joint venture with the Vodafone Group, and is one of India's largest cellular service providers, with over 85 million subscribers
•Essar Telecom Kenya has within the past year launched Kenya's fourth mobile cellular network under the brand "yu"
•'The MobileStore', a pioneering telecom retail initiative from the Group, is India's largest national retail chain of mobile phone stores with over 1300 stores spread across 200 cities
•The Group owns Essar Telecom Infrastructure Ltd., one of the largest independent telecom tower infrastructure providers in India
•Essar operates an outsourcing services business under the Aegis brand, with over 39,000 employees globally across 40 delivery centres in the Philippines, Costa Rica, USA, India, South Africa, Kenya, Sri Lanka and Australia.
About Essar Group
The Essar Group is a diversified business corporation with a balanced portfolio of assets in the manufacturing and services sectors of Steel, Energy, Power, Communications, Shipping Ports & Logistics, and Projects. Essar Group has a presence in more than 15 countries worldwide.
With a firm foothold in India, Essar Group is focused on global expansion with projects and investments in Canada, USA, Africa, the Middle East, the Caribbean and South East Asia. Visit website www.essar.com.
About Obopay
Founded in 2005, Obopay, Inc (www.Obopay.com) delivers an open, trusted, secure and interoperable mobile payments service by transforming any mobile phone into a convenient and easy way to send and receive money - anywhere, anytime with anyone.
Obopay's broad based offering addresses the needs of consumers and businesses around the world by providing a ubiquitous service that delivers value, empowers lives and improves opportunity for merchants both in the physical and virtual worlds.
Obopay's innovative mobile money services make it easy for all mobile phone users to securely send and receive money, top-up their mobile account, buy online, buy via mobile, pay bills and pay for purchases from small businesses. The World Economic Forum (WEF) has selected Obopay as a Technology Pioneer 2010 for its innovation, transformational technology, leadership and substantial long-term impact on business and society. To view the WEF video interview with Carol Realini, founder and CEO of Obopay, please visit: http://www.youtube.com/watch?v=DY7mh9L0gw0
Obopay believes the power is in the network and has established global partnerships that include Nokia, MasterCard, Citi, AT&T, Verizon, Essar, Yes Bank in India, Blackberry and Societe Generale. Global headquarters are in Redwood City, CA with operations and services in India.
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