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Pay Via SMS with PayMate
Techtree News Staff, Jul 24, 2006 1525 hrs ISTPayMate India has announced a collaboration with Citibank and Euronet to launch a unique mobile payment solution called "PayMate".
PayMate India has announced a collaboration with Citibank and Euronet to launch a unique mobile payment solution called "PayMate" that promises to offer customers an easy, efficient, and secure method of payment.
Citibank customers can sign-up for this service, by sending "PayMate" as an SMS to 2484. They will be called back and registered for the service, following which they can shop for products at Rediff, Naukri, Cleartrip, Jeevansaathi, and 99 Acres.
Once a product is selected, customers need to send a single SMS with pin (provided by the bank) to confirm the transaction. The bank will then proceed to verify the user's mobile number with his/her account. Upon confirmation, the user's account will be debited accordingly.
The bank sends a confirmation message to both the merchant and the customer, and the entire transaction takes place at the cost of a single SMS. Reportedly, no credit/debit card information is ever disclosed during the transaction.
Besides, PayMate does not require any additional software or mobile SIM upgrade; all it requires is a basic entry-level phone with SMS enabled to transact.
Ajay Adiseshann, founder and managing director, PayMate, said, "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. We are initially offering PayMate with Rediff, Naukri, Cleartrip, Jeevansaathi, and 99 Acres, and are already in talks with several other service providers thereby giving customers greater options."
Vijay Ramchandran, country marketing director and head - Internet Banking, Citibank India, said, "With increasing penetration of mobile phones, mobile commerce is set for tremendous growth over the coming years. The key elements for success are speed of transactions and security. The PayMate service addresses these two key elements. With this service, our customers can now conveniently make routine purchases using their mobile phone itself."
Citibank customers can sign-up for this service, by sending "PayMate" as an SMS to 2484. They will be called back and registered for the service, following which they can shop for products at Rediff, Naukri, Cleartrip, Jeevansaathi, and 99 Acres.
Once a product is selected, customers need to send a single SMS with pin (provided by the bank) to confirm the transaction. The bank will then proceed to verify the user's mobile number with his/her account. Upon confirmation, the user's account will be debited accordingly.
The bank sends a confirmation message to both the merchant and the customer, and the entire transaction takes place at the cost of a single SMS. Reportedly, no credit/debit card information is ever disclosed during the transaction.
Besides, PayMate does not require any additional software or mobile SIM upgrade; all it requires is a basic entry-level phone with SMS enabled to transact.
Ajay Adiseshann, founder and managing director, PayMate, said, "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. We are initially offering PayMate with Rediff, Naukri, Cleartrip, Jeevansaathi, and 99 Acres, and are already in talks with several other service providers thereby giving customers greater options."
Vijay Ramchandran, country marketing director and head - Internet Banking, Citibank India, said, "With increasing penetration of mobile phones, mobile commerce is set for tremendous growth over the coming years. The key elements for success are speed of transactions and security. The PayMate service addresses these two key elements. With this service, our customers can now conveniently make routine purchases using their mobile phone itself."
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anand
,city, on Jul 24, 2006 04:48 PM
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PUNK
,MUMBAI, on Jul 24, 2006 06:19 PM
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