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PayMate launched an application for Inter Bank Mobile Payment
By siliconindia
Bangalore: PayMate has launched an innovative application for mobile fund transfers that is now powering the Inter Bank Mobile Payment Service (IMPS) of Syndicate Bank, Lakshmi Vilas Bank and South Indian Bank.
IMPS facility was launched in November 2010, under the guidance of the National Payment Corporation of India (NPCI). It provides an instant interbank electronic fund transfer service that customers could conveniently access using their mobile phones. Currently, the facility is being offered by over 20 banks across the country, but the adoption rate has yet been low as the services in its present format is custom-made for smartphone users who can download an application from their respective banks and use it to make a fund transfer.
The users with basic phone shave the option of transferring funds via SMS, which limits the transaction value. PayMate's IMPS application add to these two modes of funds transfer with a third option that is a hybrid SMS-IVR based solution that allows even a basic phone user to transfer funds up to 
50,000. Currently, the Reserve Bank of India has allowed 39 banks to launch mobile banking services and recently raised the limit for the amount, which can be paid through mobile phones to Rs 50,000.
Ajay Adiseshann, Founder and Managing Director, PayMate, commented on the launch of the application. He said that IMPS services would be a service, which they would like to exploit and which layers over the foundation they have already laid over the last five years.
P.R. Somasundaram, CEO and Managing Director, Lakshmi Vilas Bank, said that they have partnered with PayMate for the Mobile application which will take them ahead of the queue in launching such technology driven payment solutions. He believes that such transaction platforms will define banking services more as they focus on financial inclusion as a key business opportunity.
50,000. Currently, the Reserve Bank of India has allowed 39 banks to launch mobile banking services and recently raised the limit for the amount, which can be paid through mobile phones to Rs 50,000.
Ajay Adiseshann, Founder and Managing Director, PayMate, commented on the launch of the application. He said that IMPS services would be a service, which they would like to exploit and which layers over the foundation they have already laid over the last five years.
P.R. Somasundaram, CEO and Managing Director, Lakshmi Vilas Bank, said that they have partnered with PayMate for the Mobile application which will take them ahead of the queue in launching such technology driven payment solutions. He believes that such transaction platforms will define banking services more as they focus on financial inclusion as a key business opportunity.
