PayMate announces mobile payment services

PayMate has come up with an innovative application for mobile fund transfers, which will offer easy Inter Bank Mobile Payment Service in collaboration with the three leading banks in India.

Presently, it is partnering with Syndicate Bank, Lakshmi Vilas Bank and South Indian Bank for this service. PayMate’s mobile payment application is expected to bring revolution in the Inter Bank Mobile Payment Services across the country.

The inter mobile payment services (IMPS) facility was introduced last year in the month of November, under the advocacy of the National Payment Corporation of India (NPCI). The company is boasting of an instant interbank electronic fund transfer service, which could easily be accessed by the users through their mobile phones. Even though, this service is already being provided by more than 20 banks all over India, the adoption rate has been low.

It has been featured by the Industry analysts to the fact that this facility in its current format is customised for smartphone users. These users have to download an application from their particular banks, for utilizing the fund transfer service. Those mobile users who use basic handsets, have the option of transferring the funds through an SMS that allows some limited transaction value.

PayMate’s IMPS application will be another option for the users, other than these two ways of payment services. This is a hybrid SMS-IVR based solution, which will allow even the basic handset users to transfer money up to Rs. 50,000.

There are three banks and with at least five more banks in the initial phase that are associating with the the company offering such an excellent IMPS service. PayMate is the biggest technology solution provider in India offering IMPS services to banks.

This will definitely make it easier for the mobile phone users to transact through handsets and that too safely and swiftly.