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India's Syndicate Bank and PayMate team on m-banking

20 July 2009  |  1618 views  |  0 Source: PayMate

PayMate, India's leading mobile commerce company, has partnered with Syndicate Bank, one of India's leading nationalized banks, to provide mobile banking solutions to their customers across over 2000 branches.

This is PayMate's first foray into the lucrative Mobile Banking solution space. While PayMate has till date tied up with 22 leading banks and provided them with its mobile payment services & applications, PayMate will now also be offering holistic mobile banking applications which will include non-financial transactions as well.

Syndicate Bank customers will be able to download a mobile banking application on their GPRS enabled cell phones and this application will allow them to carry out their daily banking functions like funds transfer, stop-cheque, balance enquiry, cheque book request etc. Additionally, they will also be able to use their mobile to pay for mobile recharge, utility bills, movie & flight tickets and other online & retail purchases at over 15,000 PayMate registered merchants across India.

Speaking on the association Ajay Adiseshann, MD and Founder, PayMate says, "The high penetration of mobile phones is the definitive indication of the growth potential of m-commerce in India. With this technology we plan to offer Syndicate Bank customers an all new banking experience whereby they can conduct their banking and non-banking transactions through their mobile phones anytime anywhere."

PayMate's selection as the developer for Syndicate Bank's mobile banking initiative has come after a tough selection process where-in a total of 9 companies including Obopay, FSS, Unicell & NGPay participated in the bidding process.

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