With over 3000 merchants in India already accepting this SMS payment option, in just a few months PayMate has already created what may be termed as the world’s largest and most broad-based SMS payment eco-system. Merchants offering PayMate include online & voice portals, utilities, multiplexes, restaurants and leading retailers. PayMate can be accepted by just about any business which collects payments from its customer through any medium, physical or virtual. With PayMate is a SMS based mobile payment solution whereby customers can pay real-time, simply and securely. It’s an absolutely free service for customers which works on any handset or operator without the need for any GPRS connectivity or SIM/ handset upgrade. Once registered with the bank for this service, all the customer does is authorizes a transaction with his/ her 4-digit PIN and the amount is debited to his/ her existing credit card or bank account to which the mobile is linked. PayMate can be used to transact online, over the phone, across the counter or just about anywhere. To add to this convenience is the fact that customers never need to divulge any personal or card details when paying. All the customer needs is his/ her mobile phone to pay anywhere, anytime. For a merchant this means reaching out to customers on their mobile, faster payments and an alternate convenient and secure mobile payment gateway. More so, for a merchant to enable PayMate requires no infrastructure or installation cost whatsoever. PayMate plans to grow its merchant base exponentially in the coming weeks by promoting the service to merchants before going into an aggressive 360 degree consumer campaign .
Here are some of the things you can potentially pay for via a single SMS
• Online shopping / payments
• Restaurants and shopping bills
• Any Direct to Home service (groceries, fast food)
• Travel bookings (flight, hotel, cab)
• Movie tickets
• Monthly subscriptions (magazine, satellite radio, cable, broadband) Utility bills
• Insurance premiums
• Mobile bills and top-ups
Ajay Adiseshann, Founder & MD, PayMate says “We have had an extremely positive response from our merchants and banking partners and now hope to scale up our merchant exponentially. However, the true challenge lies in consumer adoption wherein we are working with our partners to promote PayMate as a convenient and alternative payment gateway”.In addition to being a SMS payment platform, PayMate has also designed SMS meta-engines by which customers can shop from start to finish on their mobile. Such engines are available for flight tickets, movie tickets, hotel bookings, cab hire, pre-paid mobile recharge and more. PayMate plans to promote these engines themselves to consumers as well as offer them to merchants as plug and play applications on their respective short-codes.
SOURCE: ET 26th March
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