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PayMate is a mobile commerce
Mobile Commerce
Mobile Commerce, also known as M-Commerce or mCommerce, is the ability to conduct commerce using a mobile device, such as a mobile phone, a Personal Digital Assistant , a smartphone, or other emerging mobile equipment such as dashtop mobile devices...

 company that has built the largest mobile payment
Mobile Payment
Mobile financial services, also referred to as mobile money, mobile payment, mobile banking, mobile money transfer and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device....

s network in India based in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...

,. PayMate enables people to transact and make payments from anywhere with their mobile phone. The possible transactions PayMate allows include buying flight, train and movie tickets,online and retail shopping purchasing life insurance, and everyday transactions like shopping or dining out.

Founded in May 2006, PayMate has built a payments network in India with over 3000 online and 12000 offline merchant partners, including Futurebazaar, Indiaplaza
Indiaplaza
Indiaplaza is an Indian electronic commerce company offering different products for sale on their website. Indiaplaza was one of the pioneers in the online shopping space in India...

, Indiatimes
Indiatimes
Indiatimes is the Internet subsidiary of The Times of India Group, under which, some of the largest websites in India - The Times of India, The Economic Times, Navbharat Times and Maharashtra Times operate....

, Autsun, Rediff, and Sify
Sify
Sify Technologies Limited is an Internet service provider established in 1998, based in Chennai, India.-Company profile:...

. PayMate's has over 30 bank partners including ABN Amro
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...

, Canara Bank
Canara Bank
Canara Bank is a state-owned financial services company in India. It was established in 1906, making it one of the oldest banks in the country. As on 2009 November, the bank had a network of 3057 branches, spread across India...

, Corporation Bank
Corporation Bank
Corporation Bank is an India-based banking company based in Mangalore, India. The bank was founded with an initial capital of Rs. 5000 , and first day’s canvassed resources of less than one USD 1, has currently 12,724 full time employees, and operates from several branches in India.The Bank is a...

, HDFC, and Standard Chartered. The PayMate service works on all phone operators in India.

PayMate has also started expanding internationally. In 2008, PayMate expanded to Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...

 by partnering with the Bank of Ceylon
Bank of Ceylon
Bank of Ceylon is a government-owned, major commercial bank in Sri Lanka. Its head office is located in iconic cylindrical building in the capital Colombo, the political and commercial capital of the islandThe bank has a network of 308 branches and 200+ extension centers covering all parts of the...

. PayMate is also present in Nepal, partnered with a number of banks here.

PayMate was selected by Red Herring
Red Herring (magazine)
Red Herring was a technology business magazine, which flourished during the dot com boom, with global distribution and bureaus in Bangalore, Beijing, and Paris. It also sponsored conferences designed to bring venture capitalists, entrepreneurs, and technologists together. But the magazine went into...

 as being among Asia’s Top 100 start-ups two years in succession.

PayMate is PCI DSS compliant, adhering to the highest standards of security as outlined by Visa, Amex and MasterCard.

PayMate India is funded by Silicon Valley
Silicon Valley
Silicon Valley is a term which refers to the southern part of the San Francisco Bay Area in Northern California in the United States. The region is home to many of the world's largest technology corporations...

-based venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...

 companies Kleiner Perkins Caufield & Byers, the Mayfield Fund
Mayfield Fund
Mayfield Fund is one of the oldest venture capital firms in the US, focusing on early-stage to growth-stage investments in information technology companies with a focus on enterprise software, Internet consumer & media services, and communications....

, and Sherpalo Ventures.

See also

  • eCache
    ECache
    eCache is an anonymous bank operating through interfaces in the Tor network. The bank issues cryptographic certificates, digital bearer certificates, that can be exchanged among the bank's users. The certificates can be bought and sold for real money through the bank. The owners and operators of...

  • Electronic money
    Electronic money
    Electronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...

  • PayPal
    PayPal
    PayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....

  • Itex Corporation
    Itex Corporation
    Itex Corporation is an American company that provides a marketplace for cashless business transactions. The firm specializes in information technology and electronic funds transfer lifecycle management in an emerging niche market of cashless payment between firms...

  • Eagle Cash
    Eagle Cash
    EagleCash and EZpay are cash management applications that use stored-value card technology to process financial transactions in "closed-loop" operating environments. The programs are sponsored by the US Department of the Treasury for the US Military...

  • Digital currency exchangers
  • Ripplepay
    Ripple monetary system
    Ripple is an open-source software project for developing and implementing a protocol for an open decentralized payment network. In its developed form , the Ripple network would be a peer-to-peer distributed social network service with a monetary honour system based on trust that already exists...


Sources


External links

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