PayMate, a Mayfield Fund, KPCB & Sherpalo funded mobile payments company has launched WayPay, a cashless Purchase Management Service for fleet operators in the country, in collaboration with fleet management solution provider, Mahaventures. This service intends to help fleet operator across the country by eliminating payments by cash.
Maharashtra based Mahaventures provides fleet management solutions with services such as Fleet Card, GPS Vehicle Tracking solution, General Insurance, safe travel solutions, professional travel solutions, IOC XTRAREWARS Card and CCTV/ Remote Monitoring solutions. Its clientele include General Motors India Pvt. Ltd., P V G Group, Car Chassis Carriers, Ganesh Transport, G S Anand, O S L Logistics and others. Earlier Mahaventures have tied up with Nilson Technlogies as well as EI Labs India Pvt Ltd.
How WayPay works
Transporters are required to register their vehicles & drivers mobile number with WayPay, each driver’s mobile number will be registered against each vehicle number. We’re not sure of what will happen if a driver is driving another vehicle, or if multiple vehicles can be registered for the same driver. After successful registration, a Login ID & Password will be provided following which the transporter is required to set purchase limits and load required funds to a prepaid account by RTGS transfer, net banking or cheque. The drivers can call WayPay IVR from their registered number for the purchase amount and punch their PIN for the transaction, or ask WayPay dealers to make purchase requests on the IVR. On confirmation the driver will receive the purchased item from the Dealer and the money will be transferred from the Transporters WayPay account to the Dealers account. This system is applicable for fuel, of Tires, Batteries, Service Centre Bills and others.
Earlier this year PayMate had 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 in collaboration with IFMR Rural Finance. The company had also introduced mobile money transfers in Sri Lanka in collaboration with Bank Of Ceylon.