Paymate Ties Up With Standard Chartered And Cosmos Bank For Mobile Payment
Mobile payment company Paymate has added two more banks to it’s list of partners: Standard Chartered and Cosmos Bank. Paymate already had a partnership with Citibank and Corporation Bank. Paymate also has a merchant base of over 3000 merchants. As per the release, those who register for Paymate services will be eligible for promotions from Standered Chartered and Paymate - including special offers sent to customers via SMS, and they can purchase the products by simply replying with their PIN number. I hope this is an opt-in promotion, ‘cause otherwise it’s like signing up for SMS spam (as if there isn’t enough of that already).
Paymate isn’t the only game in town: there’s Mchek (funding from Rajesh Jain and Draper Fisher Jurvetson), US headquartered Obopay, Jigrahak (Helion Ventures funded). Another, called Tyfone, was recently funded by Ojas Venture Partners. Private sector banks like HDFC and ICICI Bank also have their own mobile banking applications. Apart from these, there are prepaid cards like Itz Cash (funding from Matrix Partners), Done Cash Cards and Icash Cards.
Posted In: E-Commerce, Mobile
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Comments (5)
Feb 12, 2008 1:19 AM
Paymate is one of the worst payment solution,I have ever seen.Security is totally pathetic and scary.Any school project can be better than this solution.
I pray for all the customers and bank,who is using paymate solution.
Feb 12, 2008 4:31 AM
I’d love to hear from anonymous about some more of the details about his/her opinion about what the problems with it are.
I also heard that, of the options cash in/cash out/ digital money in and digital money out ,it can only do 2 of these. Does anyone know anyone who has cracked this?
Feb 13, 2008 5:35 AM
It’s an amazing mobile payment solution. The security that they offer is very safe. At least PayMate is definitely better than the other payment solutions that exists.
Apr 9, 2008 4:05 AM
Just think your PIN will be saved in your handset (in sent items) and if you forget to delete is it is open to those who see your handset.. ideally your family members, friends, relatives may know your PIN ...
Jun 11, 2008 8:42 AM
Om
Wake up from your slumber, your credit card can be skimmed and lost or used in absentia. Your CVV number is written in BOLD at the back of your CARD!People write their ATM PIN nos on the back of their cards or on their handsets (in address book/saved items), on little pieces of paper in the wallet and best of all note it down at their favorite ATM on the wall !!
There is no ultimate secure system anywhere in the planet inc CASH
Gautam