PayMate, a Mayfield Fund, KPCB & Sherpalo funded mobile payments company, has tied up with IFMR Rural Finance, which offers financial services in rural areas through its Kshetriya Gramin Financial Services (KGFS) entities. As a part of the initiative, the company has launched a mobile based person-to-person money transfer service in the Delhi to Uttarakhand corridor, as well as piloted a micro-loan repayments in villages in Ganjam, Orissa.
While the person to person remitance sevice will be offered through Sahastradhara KGFS, the mobile based loan repayment service will be extended to remote rural villages in the Ganjam district of Orissa through Dhanei KGFS. Registered agents of Dhanei KGFS will be able to visit customers in these areas, collect repayments in cash and register individual payments using mobile phones via SMS. All payments will be linked to a centralized MIS system with information about the agent, customer, date and transaction.
PayMate offers mobile payments solutions through tie-ups with Banks, merchants and other financial institutions. It had partnered Essar’s mobile retail chain MobileStore to offer mobile payment services, and Tata Teleservices and Corporation Bank to offer a mobile money transfer service, named Green. It also operates mobile payment service in Sri Lanka, Nepal and UAE.It also offers merchant mobile POS solutions in the US through transaction service provider-TSYS.
PayMate claims to have a partnership with 15,000 merchants and 30 indian banks, including SBI, IDBI Bank, Standard Chartered Bank, Corporation Bank, Royal Bank of Scotland, among others.
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