Paymate Pvt. Ltd. plans to introduce its Green Money Transfer service to Sri Lanka by the end of this year, an official from the Mumbai-based mobile-payments provider tells PaymentsSource.
Paymate launched the person-to-person mobile funds-transfer service in November in association with Mangalore-based Corporation Bank and India-based telecommunications provider Tata Indicom (see story) The service enables consumers to send or receive funds instantly via mobile phones.
“Our service allows the large unbanked population of the country to send and receive [funds] across urban and rural India,” the official says. “This service is a purely text- and [interactive voice response]-based service” that works on any handset and through any mobile operator.
Consumers, who use PINs to authorize transactions, may send up to 5,000 rupees (US$107 or 72 euros) per transaction. They first must send a text message to Paymate to register their phone and account numbers.
The sender enters his PIN to authorize a transfer, and Paymate sends a transaction code to his mobile that the sender provides to the recipient. The recipient then may go to an acceptance location and share the code with the merchant, who will enter into his system. The receiver enters his PIN into the system to verify the transaction and receive the cash.
Paymate has 100 acceptance locations in India between the states of Karnataka and Kerala, and it has signed up more than 10,000 customers. “The aim is to have 30,000 acceptance locations by the end of the year and about 250,000 customers by the end March 2011,” the official says.
Paymate says it processes more than 150,000 transactions each month over its network.