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," says Ajay
Adiseshann, Founder & MD, PayMate India Private
the moment PayMate is restricted to Citibank customers,
who would need to sign up for this service with the bank
by sending an SMS saying "PayMate" to 2484.
will then be called back and registered for the service
following which they can shop pay for products and services
availed through Rediff, Naukri, Cleartrip, Jeevansaathi
and 99Acres. Once the product has been selected, the user
needs to send a single SMS with a pin provided by Citibank
to confirm the transaction. "We are in talks with
several other service providers thereby giving customers''
greater options, says Adiseshann."
receiving this SMS, the bank will verify the user''s mobile
number with the account and on confirmation will debit
the account accordingly. 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.
allows mobile subscribers to make payments for merchant
services using their cell phones. It is connected
to merchants and banks to enable transactions.
does not require any additional software or mobile
SIM upgrade to process transactions.
service is available on any basic entry-level SMS-enabled
mobile phone to transact.
allows for a transaction to be completed with a single
SMS (one click) technology.
is the only solution, which allows for both credit
and debit card transactions using a mobile phone.
are not required to disclose banking information.
safe and secure transactions as the platform does
not operate over the public domain unlike the internet
but over a secure signaling system.
to Vijay Ramchandran, country marketing director and head
internet banking, Citibank India, "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. With
this service customers can conveniently make routine purchases
using their mobile phone itself."
PayMate is said to offer a secure payment solution as
no credit / debit card information needs to be disclosed
during the transaction process. 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.