Paymate, IFMR tie up to drive mobile phone based money transfer initiative

As a part of this initiative, Paymate, India’s leading mobile payments company,  has unveiled a mobile phone based person-to-person money transfer initiative in the Delhi to Uttarakhand corridor as well as piloted a micro-loan repayments in villages in Ganjam, Orissa. 

Commenting on the launch of these initiatives, Ajay Adiseshann, MD & Founder, PayMate says, "Although reforms in the banking sector have been on an upswing, around 60% of the country’s population does not have access to a bank account or even the necessary documents to help secure basic finance. This has severely impacted the cost of development of the lowest strata of society.

"On the other hand, there has been an exponential growth in mobile penetration with close to 200 million users in rural areas, making it a potent tool to create a financial ecosystem for the under and unbanked masses. The launch of these initiatives is an extension of our belief in the power of mobile telephony to drive financial inclusion."  

Using a combination of a float model and mobile equipped agents, registered agents of Dhanei KGFS located at remote villages are able to visit the customer to collect payment in cash while using a mobile phone to register the payment against the customer’s unique account ID via SMS.

The solution comes equipped with a real time dynamic MIS for Dhanei KGFS to check all the payments and filter it by agent, customer, date and transaction and even download it for future reference.

Over a year ago, PayMate, along with Tata Indicom and Corporation Bank, launched its person to person money transfer service – Green.

You can visit www.paymate.in to know more about this initiative.