Paymate Ties Up With Standard Chartered And Cosmos Bank For Mobile Payment
By Nikhil Pahwa - Mon 11 Feb 2008 07:34 AM PST
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
