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Obopay selected by MIT's Technology Review as one of top 50 innovative company

Bangalore, 10 March, 2010

Obopay, a leading mobile banking and payment provider, was recently chosen by MIT’s Technology Review as one of the Top 50 Innovative Companies in the world across sectors such as energy, computing, the Web, biomedicine, and materials. Obopay was conferred this honor under ‘Private Web Company’ category for bringing innovation in mobile payment services through its pioneering mobile payment service which is ubiquitous and highly secure.

With technology developed at its Bangalore based R&D centre, Obopay products are platform agnostic and global in nature. Other companies in ‘the Web’ category included names like Google, Twitter, IBM, Adobe amongst others.

The companies on the list have been assessed on basis of their business model, deployment strategies, scalability of technologies as well as success rate. The editors of Technology Review analyzed companies over the last year that has demonstrated their superiority at inventing technology and using it for business growth as well as for transforming the lives of people. The companies identified were the ones with most promising technologies, whether they were giant corporations or fledgling startups with initial venture capital investments.

Elaborately on this recognition, Carol Realini, Chief Executive Officer and Founder, Obopay, said, “Mobile banking and payments market is a greatly untapped market globally. This was one opportunity we, at Obopay felt should be capitalized on. By recognizing our efforts in making banking access to all, Technology Review has given us a boost to innovate and develop products that will enhance daily lives of humans”.

“This highly coveted recognition has reiterated our commitment towards using technology for larger interest of people especially in the emerging markets by making banking accessible to all. Moreover, our Bangalore R&D centre has played a pivotal role in development of our products, giving it the necessary cultural experience and also utilizing the advanced knowledge and technology expertise as well as growth opportunities that India offers”, added Deepak Chandnani, President Asia & Africa, Obopay.

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