Madrid, Spain, – May 25, 2010 – Obopay, a global leader in mobile banking and payments, today announced that it has been chosen by Cards International as the "Most Promising New Entrant" in recognition of the company's innovation, the popularity of its offering, and the services and alliances that it has created in the mobile payments space. This award was presented to Obopay by Cards International during the VRL (http://www.vrl-financial-news.com) "Cards and Payments Europe 2010" event held last week in Madrid. This award recognizes Obopay's commitment to financial inclusion for people in developing economies, as well as the company's innovative products in developed countries which enable banks to offer their own bank branded mobile money services.

Obopay stood out from other mobile payment providers because of its unique partnership with Nokia to create the Nokia Money offering in India, and its mobile money offering for banking partners. The company has continued to enhance its offerings in international markets by introducing its services in India and Kenya which are offered as mobile money services by Yes Bank and yuCash respectively.

Commenting on Obopay, Victoria Conroy, contributing editor for VRL and an awards panellist, said, "Obopay has done a lot of work with Nokia in emerging markets on mobile payments. It has also taken its first steps toward becoming an international remittance service provider."

Already a popular mobile payment service in the US, Obopay recently launched a new program in the US market called "Mobile Money for Banks", which will allow banks to deploy their own branded mobile money service. Designed to make bank accounts the anchor for all current and future mobile money transactions, the service combines complete brand control and a full range of mobile transactions and applications with simple low-cost integration and deployment.

"This has been a tremendous year for us, and Obopay is honored to be acknowledged by Cards International," said Deepak Chandnani, President of Obopay, Inc. "The mobile payment market is growing rapidly in emerging countries and has reached a tipping point in developed countries. We are in a unique position to take advantage of this growth based on three areas of focus: innovative technology, global partnerships with the world’s largest companies in mobile and financial services; and a deep understanding of the financial needs of people and financial institutions in both emerging and developed countries."

Founded in 2005, Obopay, Inc (www.obopay.com) delivers an open, trusted, secure and interoperable mobile payments and banking service by transforming any mobile phone into a convenient and easy way to send and receive money and get paid. 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 with small businesses. Obopay was selected as the only financial services provider to be named Technology Pioneer 2010 by the World Economic Forum and was named one of the 50 most innovative companies in the world by MIT Technology Review. Obopay believes the power is in the network and has global partnerships with companies like Nokia, MasterCard , Essar and Societe Generale. Obopay powers the MasterCard MoneySend service in the U.S., the Nokia Money initiative in India and yuCash by Obopay in Kenya. Global headquarters are in Redwood City, CA with operations in India.

###