Cosmos Bank, the second largest co-operative bank in the country has partnered with PayMate, the leading mobile payments company, to offer the first of its kind ‘pay buy sms’ service to its customers. Through PayMate’s 3000+ merchant base, Cosmos Bank customers will now have an easy SMS based payment solution for various transactions like purchasing flight / movie tickets, car hires, sending donations and gift mate vouchers.

Cosmos Bank customers can register for the FREE service at any Cosmos Bank branch or ATM Centre.

Here’s how PayMate works:

§         Customer does a one-time Free registration with the bank and receives a 4-digit PayMate PIN

§         Once the customer chooses to pay via PayMate, he/ she shares the registered mobile number with the merchant and instantly receives an SMS from PayMate asking for a payment authorization with the 4-digit PIN

§         Customer replies to the SMS with the PIN and a dynamic ‘alpha-code’ which is authenticated by PayMate and the customers bank account debited instantly

§         A confirmation of the transaction status is sent to both the customer (via SMS) and the merchant (through the PayMate interface) within a few seconds.

Commenting on this new service, Dr. M.L. Abhyankar, Chairman, Cosmos Bank says “Cosmos Bank is trying to deploy a state-of-the-art technology to ensure highest satisfaction of the customers by offering products and services tailored to their various needs. Today’s launch is another step forward towards satisfying customer’s needs. Our association with PayMate will offer our customers a host of easy to use SMS based services enabling them to shop at their convenience; make bill payments or even book flight tickets”.

Ajay Adiseshann, MD and Founder, PayMate says “The mobile base in India has currently crossed the 200 million mark growing at nearly 100% year-on-year. India is adding about 8 million wireless subscribers every month. Cosmos Bank customers will soon experience the luxury of shopping at their own convenience via their mobile phones. A simple SMS which enables ordering flowers, booking flight/movie tickets, sending gift vouchers and many more services are a few exciting experiences that await Cosmos bank customers. It is a privilege for PayMate to partner with Cosmos Bank, one of the most respected and progressive co-operative banks.” 

Sourced From: Perfect Relations Limited