Paymate India Pvt Ltd, a Mumbai-based mobile payment/commerce solutions company, which began its operations recently, is now concentrating on its advertising and marketing. The company, spun out of CoruscantTec, is on the lookout for creative as well as media agencies, but is yet to call for a pitch, indicated Probir Roy, co-founder and Director of Paymate as well as that of CoruscantTec, a Mumbai-based wireless solutions company with a focus on content and commerce.
Roy, however, made it clear that as far as its media business was concerned, the company besides short listing a conventional agency, would also look for partnering with Google and another online media company.
Currently available for Citibank customers, Paymate works on a simple format wherein customers can buy goods/services from Rediff, Naukri, Jeevansaathi, 99Acres and Cleartrip by registering themselves with the bank through any of the current available registration channels of the bank.
Once registered, customers receive an SMS with a randomly generated MPIN, which they can change later and then they can go to any of the participating merchants and avail of goods/services with by entering their credit card number/bank account number. After that customers need to choose mobile payment as an option and follow the instructions wherein they are asked to send an SMS with the amount of purchase and their MPIN for the transaction to take place.
Sharing his thoughts on the genesis behind setting up the company, Roy, said, “The idea has been working for the past two and a half years. We feel that the Internet still has a limited reach when compared to mobile phones which reaches to a larger population and has a wider reach. Mobile is evolving as a multipurpose/multimedia device and has become a preferred device on the go. We wanted to cash on the opportunity that was there.”
“There was a need to fill in the gap which could be addressed wherein young India can make a paradigm shift to make their transaction through something that they carry,” Roy further said.
Elaborating more on the advertising and marketing front, Roy said, “We have kept aside around Rs 12-15 crore to be spent on both above the line and below the line advertising and marketing through a judicious mix of all the vehicles.”
The advertising and marketing budget allocated by Paymate would be used in the next 18-24 months, informed Roy.
Speaking on the factors that the company would look for while selecting its creative and media agency, Roy said, “The ability to relate to the product and the potential customer and be able to communicate as simply as possible the unique proposition is important. It is important to find the right fit wherein the need is to see who is able to understand the essence of this concept and take it to the potential customer.”
In order to take the mobile payment concept further and to fuel the growth in the future, Paymate is looking forward to tying up with 13 more banks in a sequential manner and is also in talks with travel agencies, airlines, multiplexes, restaurants, pubs, and retail chains. The company has introduced the ‘pay as you go model’.