The co-operative bank named Cosmos has recently entered into a partnership with the PayMate in order to provide its customers, the mobile payment facility. Cosmos is operating its activities basically from Pune and the officials of the bank have informed that with this new partnership, it would be the fourth bank in India to provide this facility to its customers. The other three banks are the Citibank, the HDFC and the Corporations Bank.
The sources from the Indian banking sector are informing that a number of over 1,00,000 customers in India are using the PayMate at the moment. With this facility, the subscribers enjoy the facility to pay the money for their online shopping, they can buy movie tickets and they can even book the airline tickets through an SMS from their mobiles.
The Managing Director of PayMate, Mr. Ajay Adiseshann was talking about the main advantages of using the PayMate and he also described how the service actually facilitates the users. He said, "A bank customers cellphone number is attached to his or her bank account. While making the payment, the customer has to type a Personal Identification Number, an instantly generated code, the payment amount and send an SMS to PayMate. The amount is immediately deducted from the customers bank account". He also informed that a number of over 3,000 merchants are supporting the PayMate at the moment and they are expecting the number to grow to 10,000 before the current year ends.
Informing that the main reason behind making partnership with the PayMate is the smoothness and increasing popularity of the service among the users, the Chairman of the Cosmos Bank, Mr. Mukund Abhyankar said, "We have 79 branches across India and more than 80 per cent of customers have a cellphone. We want more and more people to use this facility". He also said that actually the bank wanted to provide the most advanced facilities to its customers. The sources from the industry are informing that the users of PayMate are making over 2,500 transactions every day at the moment.
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| Posted : 1/29/2008 |
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