PayMate launches 'WayPay', 1st mobile cashless management service

News Natasha Garyali 17:11, 1 Jul 2011

WayPay service will aid fleet operators across the country to manage a cash less transactions through the mobiles

We have been hearing about the wallet-less transactions and now with "WayPay" we can take a closer look at the cashless transactions in action.

Launched by PayMate a Mayfield Fund, KPCB and Sherpalo funded mobile payments company, WayPay will aid the fleet operators in working more efficiently by eliminating the cash transactions. PayMate has tied-up with fleet management solution provider Mahaventures to offer this service initially in Western India. The service will extend to others parts of the country in a phased manner.

PayMate Founder-Managing Director Ajay Adiseshann said, "We analysed the issues that fleet operators faced on their daily trips and decided to create a system that would help simplify payments for them without any external hardware devices."

Adiseshannfurthera added, "the PayMate platform is particularly suited for applications and Mahaventures is the ideal partner for rapid deployment (of the service) in western India."

The "WayPay" services are presently restricted to the purchase of fuel, tires, batteries and service centre bills but are likely to expand bringing in a slew of services in the near future.

WayPay works in a very simple way. The transporters register their vehicles and drivers mobile numbers with WayPay. The transporter then sets in the purchase limit and adds in the value to the prepaid account through cheques or online transfer. The drivers access the WayPay IVR from their registered number  and punch in their PIN for making transactions of fuel, tires, batteries and service centre bills. As of now only certain facilities have been included but we do see a whole gamut of features and services being rolled out in the future.

PayMate had earlier launched a mobile based person-to-person money transfer service  and also spearheaded the mobile money transfer programs in Sri Lanka.

Recently Nokia launched its Nokia mobile money client that lets users stay in sync with their funds using a cellphone. Nokia had announced that most cellphones, high and low end will get this client to provide mobile users with better and more convenient banking facilities.

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