PayMate plans a new revolution with mobile payment methods

PayMate plans a new revolution with mobile payment methods

Author | Jagadeesh Krishnamurthy | Monday, Oct 23,2006 8:32 AM

PayMate plans a new revolution with mobile payment methods

PayMate, a new mobile payment gateway, plans to revolutionise m-commerce with their mobile payment solutions. The company plans to offers its customers the convenience of paying their bills through SMS from their mobile phones. Mobile phones will become virtual debit/credit cards as customers will be sending an SMS to make the payment from their cards.

Explaining the concept, Akshay Sharma, Assistant VP, Marketing, PR and Brand Development of PayMate, said, “PayMate is a convenient and secure mobile payment platform wherein consumers can pay over a single SMS without having to divulge their credit or debit card details. It’s an absolutely free service for consumers and all they need to do is a one-time registration for the service with their respective banks. At present, these services will be available only to Citibank customers, while other bank customers can also enjoy the benefits in a few weeks time.”

Sharma also stressed on the simplicity of the product, as the model is primarily based on SMS and also talked about plans to roll out GPRS solutions in due course of time.

The company is planning a three-way approach to promote the product, wherein banks will promote the service to their respective customers, the merchants will promote it to their customer base and also by PayMate, which will invest in marketing to build this category.

Speaking about the difficulties in promoting it, Sharma said, “Till date consumers have not even been exposed to the idea of mobile payments, so marrying something as serious as money transactions with something as casual as your mobile phone will take a considerable amount of effort.”

The company is also on the lookout for a creative and media buying agency for the promotion of the product.

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