PayMate.co.in - Mobile Payment Solution for India

PayMate India is a mobile payment company based in Mumbai. With 3000 merchants under its belt, and with more joining each day, PayMate is fast becoming a major player in the Indian market. Users can pay for purchases online and through their mobile phones via PayMate’s systems. To start out, users first must share their registered mobile number with the merchant; Paymate will then send out an SMS asking for authorization with a 4 digit PIN. The customer then replies via SMS with their PIN and an alpha code authenticated by PayMate. The payment is then debited from the customer’s bank account. PayMate works on all mobiles. PayMate can also be used to pay bills and for gifts.

“An easy to use mobile payment service that offers you unmatched convenience and security so you can pay on the go, anywhere, anytime.

Convenient: Pay online, across the counter, over the phone or from just about anywhere
Secure: 2-factor PIN authentication keeps you in complete control of every transaction

Easy: Works on any mobile handset or operator without any SIM change or GPRS
Free: You don't have to pay a single extra for using this service, it's absolutely free”

PayMate makes payments simpler. As mobile phone use is skyrocketing, it only makes sense to implement mobile payment solutions. Using PayMate is quick and easy; plus a number of merchants accept it.

How secure is PayMate? What happens if you lose your PIN? How easy is it to get charges refunded?

Teh company has just finished its second round of investment of $9 million led by Mayfield Fund and participation from existing investors, Kleiner Perkins Caufield & Byers and Sherpalo Ventures.