Corporation Bk launches mobile payments with PayMate

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Corporation Bk launches mobile payments with PayMate

Corporation Bank launches mobile payments with PayMate. India’s first nationalized bank to offer mobile payments and shopping via SMS

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RELATED NEWS Makemytrip.com goes mobile with PayMate ING Vysya Life deploys PayMate Corporation Bank cuts int rates on home loans Corporation Bank Q1 net up 23% at Rs 177.11cr Corporation Bk PAT seen up 25.2% at Rs 180.6cr: Motilal ALSO READ See latest News about Corporation Ban See previous management interviews See what other Experts & Brokerages are saying about Corporation Ban Corporation Ban BSE | NSE 25/05/12 Are Mutual Funds betting on Corporation Ban?

Corporation Bank , recently declared India's No.1 Public Sector Bank (Business Today, KPMG Survey) has once again taken the lead to become the first PSU bank to partner with PayMate to offer the first of its kind 'pay buy sms' service to its 2 million plus debit card customers. Corporation Bank customers can now register for this free service and shop for flight tickets, movie tickets, car bookings, make donations and place newspaper classifieds simply via SMS. Additionally, through the mobile payment service customers can also pay at 3000+ merchants with just a simple sms. Effectively this means paying for shopping bills, travel expenses, restaurant bills and much more.

Corporation Bank customers can register for the free service at any Corp Bank ATM. Here's how PayMate works:

§         Customer does a one-time 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

Launching this new service, Shri K.L. Gopalakrishna, Executive Director, Corp Bank says "The mobile base in India has currently crossed the 185 million mark with monthly additions of around 7 million. The Cellular service growth in India is on an upward trajectory and poised for robust growth in the next five years.  The subscriber base is estimated to grow to 300 million by 2010.  India is seen as a big market for mobile phone growth and is expected to be the world's third largest mobile market in terms of the number of users, he said. Leveraging technology and exponential growth, mobile commerce is emerging as a new platform for payment services.  Corporation Bank, looking at the vast potential of the fast changing demography and life style of its customer base has decided to enter the m-commerce space as a value added service offering to its customers, on a pilot basis"

Ajay Adiseshann, MD and Founder, PayMate says "Partnering with the country's best PSU bank is surely a feather in the cap for PayMate. While the convenience of being able to pay anywhere, anytime via mobile is what will enable the growth of m-commerce, it's the simplicity and ease of use that gives PayMate the cutting edge over other m-payment platforms. We will also offer several value added services on the mobile wherein a customer can make purchases start-to-finish via SMS. To layer this further we also have several promotions and offers to encourage Corporation Bank customers to experience the service"

Sourced From: Perfect Relations Limited