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Why Obopay's Business Model is so successful?

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Obopay’s Company Overview


Obopay is a pioneering and leading mobile money service provider established in 2005. The company is based in Redwood City, California, with operations in India, Africa, and the United States. Obopay's mission is to enable everyone, including the unbanked, to participate in the modern digital economy by providing a secure, accessible, and affordable platform for money transfer and payment services. The company leverages advanced technology to offer innovative financial solutions such as mobile banking, bulk disbursement, merchant transactions, and utility payments. Obopay serves a diverse clientele, including individuals, businesses, financial institutions, and governments. The business model of Obopay revolves around providing a robust and scalable mobile money platform. They offer a suite of services, including mobile wallet, mobile money transfer, mobile payments, and mobile banking. Obopay partners with various financial institutions, telecom companies, and merchants to provide these services. The company generates revenue through a transaction-based model where it charges a small fee for each transaction processed on its platform. This includes money transfers, bill payments, and merchant transactions. Obopay also earns revenue from providing technology and platform services to businesses and financial institutions. By diversifying its revenue streams and continuously innovating its service offerings, Obopay has positioned itself as a key player in the mobile money market.

https://www.obopay.com/

Obopay’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: provides access

Functional: simplifies, connects, reduces risk, reduces cost, integrates


Obopay’s Related Competitors



Obopay’s Business Operations


Alternative currencies and banking:

Alternative currencies (also known as private currencies) are units of value issued by a private entity, such as a business or a non-profit organization. A private company or organization usually produces a private currency to serve as an alternative to a national or fiat currency, usually the country's standard unit of value. For example, mutual credit is a kind of alternative currency, and therefore any loan that does not go via the banking system qualifies as an alternative currency.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

Disruptive banking:

The banking industry's disruptors are changing the norms that have been in place for decades. These new regulations, however, will only be effective until the next round of disruption occurs. Banks and credit unions must thus be nimble and responsive. We need audacious tactics. 'Disruptive Innovation' is a term that refers to the process whereby a product or service establishes a foothold at the bottom of a market and then persistently climbs up the value chain, ultimately replacing existing rivals.

Innovative retail banking model:

The design has no resemblance to a bank but more to a coffee shop. There is free wifi and a large number of iPads accessible for internet use. Automated teller machines (ATMs) are located around the perimeter of the coffee shop, allowing customers to conduct financial transactions. The workforce consists of a mix of coffee shop patrons and banking personnel who circulate and make themselves accessible. If you need services not available through an ATM, fully trained bank personnel can offer all services typically available at a conventional bank branch.

Micropayment:

Micropayments are financial transactions involving a tiny amount of money that is frequently conducted online. While micropayments were initially intended to apply minimal amounts of money, practical systems allowing less than one dollar transactions have met with little success. One impediment to the development of micropayment systems has been the need to keep transaction costs low, which is impracticable when transferring such tiny amounts, even if the transaction charge is just a few cents.

Mobile first behavior:

It is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices. The term is “mobile first,” and it is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

Easy and low-cost money transfer and payment:

This business model makes money transfers and producing and collecting prices more affordable and accessible to consumers. Sending and receiving the money to pay wages, settle business transactions, paying school fees, or supporting family members is typical for companies and people alike. It necessitates fast, dependable, and cheap money transfer services that enable money to be placed in one location and withdrawn in another in urban and rural regions alike.

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