PayMate launches Cashless Purchase Management Service

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PayMate launches Cashless Purchase Management Service
Mumbai: PayMate has launched Mobile, Cashless Purchase Management Service for fleet operators in the country. The new service called 'WAYPAY' is in collaboration with India's leading fleet management solution provider, Mahaventures. This innovative system is specifically designed to help fleet operator across the country manage all in-route expenses from nominated retail outlets, without cash.

WAYPAY PMS (Purchase Management Solution) is another break-through technology innovated by PayMate and Mahaventures that eliminates the need for cash carrying, thus increasing the level of security felt by fleet drivers. The elimination of cash also makes it easier to prevent fraudulent transactions. It's convenient and comprehensive reporting enables fleet owners & managers to receive real time reports and set purchase controls online.

PayMate is a wireless transactions platform provider with a first-of-its-kind mobile payment platform which lets you link your mobile phone to a bank account, credit card or a prepaid account - turning your mobile phone into a secure payment tool to be used anytime, anywhere. PayMate has operations in USA, UAE, Sri Lanka, Nepal, Africa & Eastern Europe and an ecosystem of over 15,000 merchants offering mobile payments to their customers. PayMate has tie-ups with over 30 banks including SBI, ICICI Bank, IDBI Bank, Standard Chartered Bank, Corporation Bank, Royal Bank of Scotland to name a few, and has also tied up with Galileo to offer its 6,000+ agents a remote payment collection solution via mobile. In the U.S. PayMate has partnered with leading transaction service provider-TSYS to offer merchant mobile POS solutions and is steadily foraying into mobile money transfer as part of its inclusive banking roll-outs.

Ajay Adiseshann, Founder and Managing Director, PayMate, said, "We analyzed 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/Point of sale devices-zero capex. While India continues to mature as an economy there will be a definitive shift from cash to electronic with the mobile phone playing a key facilitator in this transition. The PayMate platform is particularly suited for such applications and in Mahaventures we have the ideal partner for rapid deployment in western India."

Mr. Sanjay Shinde, the Man behind - WAYPAY, "In today's scenario where our country has the highest rate of growth in all fields and transport is playing major roll that, we found this is to be the best time to launch our product 'WAYPAY' (Purchase Management System). The product is Powered by PayMate and has the most advanced and beneficial features to help users to simplify transactions and to increase the profitability from their existing fleet business."

PayMate and Mahaventures have designed a simple and secure way of making and monitoring purchases. Transporters need to register their vehicles & drivers mobile number with WAYPAY, each driver's mobile number will be registered against each vehicle number. A Login ID & Password will be provided on successful registration. The transporter would then need to set purchase limits and load required funds to a prepaid account by RTGS/Net Banking/Cheque. Once that has been done, the drivers need to call WAYPAY IVR from his registered number for the purchase amount and punch his PIN for the transaction. Drivers can ask WAYPAY dealers to make purchase requests on WAYPAY IVR. The dealer needs to punch the driver's number and amount on WAYPAY IVR. On confirmation the driver will receive the Fuel (or any other item purchased) from the Dealer and the money will be transferred from the Transporters WAYPAY account to the Dealers account. This system is not only applicable for fuel, but can be used for purchase of Tires, Batteries, Service Centre Bills and many more.

The current products offered to fleet operators are smart card based and need a swiping terminal at the outlet location. These terminals are usually in poor working condition due to maintenance issues caused by the inaccessibility and remote highway locations of these outlets. The WAYPAY system does not require any wired connectivity or special instruments such as POS terminals hence eliminating system maintenance and accessibility issues completely.

Established in 2005, Mahaventures is a nationally acclaimed venture backed Fleet Marketing and Service Provider Company, lead by Sanjay Shinde. Mahaventures currently caters to 600 transporters and 100 other transport-related customers directly & more than 2000 transporters through dealers or indirect sales & service network.

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