Bull Crossing

Knowledge is Bliss

PayMate – A new mobile-payment solution

Posted by g.e. on September 9, 2006

ZDNet India notes:
PayMate India, a mobile commerce solutions company spun off by Coruscant Tec, has collaborated with Citibank and Euronet to launch an exclusive mobile payment solution called PayMate. This secure method of payment is being used by Citibank for its customers.

To use PayMate, Citibank customers need to sign up for this service with the bank by simply sending “PayMate” as an SMS to 2484. Once successfully registered they can shop at Rediff, Naukri, Cleartrip, Jeevansaathi and 99 Acres for their products. After selecting the product, the user sends a single SMS with pin (provided by the bank) confirming the transaction.

PayMate India recently received its first round of funding from Kleiner Perkins Caufield & Byers (KPCB) and Sherpalo Ventures- who have also funded companies like Google, Amazon, Netscape, Naukri.com and Cleartrip.com.

Hope we will see the end of the queues in ATMs. See here for more.


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