PayMate Facilitates Mobile Payments

by CXOtoday Staff    Jul 21, 2006

Mobile commerce solutions provider, PayMate India, in collaboration with financial security software and services provider Euronet has launched PayMate, a mobile payment solution for all the customers of Citibank.

The solution offers a fairly secure mode of payment to customers, as it does not use any information about the credit/ debit card during the transaction. The trust model is based on the recommendations by Ernst & Young, which provides the security measures for both the bank as well as the customer.

Citibank customers can sign up for the service by sending ‘PayMate’ as an SMS to 2484. The bank then contacts the customer for registration. Currently, Citibank customers can shop at Rediff, Naukri, Cleartrip, Jeevansaathi and 99 Acres and pay for their product by sending a single SMS with pin provided by the bank and confirm the transaction.

On receiving the SMS, the bank verifies user’s mobile number with the account and upon confirmation debits the account automatically according to the price of the product. The merchant and the customer will receive a confirmation message from the bank approving the transaction. The entire transaction takes place at the cost of a single premium SMS.

The PayMate solution uses MS-SQL database and Microsoft.NET platform technology.

“The demand for VAS from mobile phones is growing at a tremendous rate, thus we are bringing in new services, better applications, richer content and continuous connection capabilities. PayMate is a robust and convenient m-commerce solution, which will provide benefits to all members of the ecosystem, ranging from the operator, to the service provider all the way to the end consumer,” said Ajay Adiseshann, Founder & MD, PayMate.

Though currently available to only Citibank customers, PayMate India intends to provide the functionality to customers of other banks as well. It is also planning to tie up with more number of merchants and shopping outlets to offer users a broader range of products and services.

Vijay Ramchandran, Country Marketing Director and Head - Internet Banking, Citibank India said that the increasing penetration of mobile phones could lead to tremendous growth of mobile commerce in the country as the transactions tend to be faster and secure and provide the much desired convince as well.