DirecPay Facilitates Mobile Payments Through PayMate

Mumbai, India (PressExposure) August 26, 2009 -- DirecPay, the bank neutral payments aggregator service from TimesofMoney, has joined hands with PayMate, Mumbai-based wireless transactions company, to provide an extended, mobile payment facility to its merchants across India. This will be in addition to its existing bouquet of payments modes like credit cards, debit cards and Net Banking, which DirecPay offers through more than 20 banks.

With this arrangement, DirecPay aims to aggregate all possible payment options under one single umbrella for merchants and give them a single interface for receiving payments in a secure, convenient and a cost-effective manner using the best of technology and providing excellent support at all times. It enables secure electronic payments between people & businesses easily and instantly.

PayMate's hybrid SMS & IVR based solution lets the user link his mobile phone to any financial instrument of his choice like Bank Accounts, Credit Cards or Pre-paid Mobile Vouchers (GiftMate). At the time of PayMate registration or buying a GiftMate voucher, customers can choose a secure 4-digit PIN to authorize all future transactions.

Speaking on this occasion, Mr. Avijit Nanda, President of TimesofMoney said, "Payments over mobile are secure because robust authentication is used to ensure high quality standards. The convenience of paying over the mobile brings more customers into the considered set of e-commerce users. The propagation of the mobile device in our country is among the highest in the world at 35% and growing. Thus, this is a very big set of customers that becomes eligible to buy, sell and transact by enabling their device with payment options."

Mr. Ajay Adiseshann, Founder & MD, PayMate said "The marriage of online commerce with the mobile presents a great opportunity for stakeholders and end customers. The mobile device could be the perfect catalyst for e-commerce in India. We have more innovations to follow for added customer convenience and security."

About DirectPay

DirecPay from TimesofMoney is a bank neutral payment gateway solution for merchants to facilitate online shopping across a spectrum of banks & credit cards. It currently has a customer base of 200 leading merchants across the country and allows a merchant to access all the credit card & net banking platforms integrated with various banks. The customer does not need to hold a merchant account with any particular bank. The fund transfer is electronically (EFT) done into the desired merchant account. This portal is backed by a round the clock customer service support and enables merchants to conduct business with ANYONE, ANYWHERE, ANYTIME. The service is provided at http://www.direcpay.com DirecPay FAQs [Link]

DirecPay’s client list comprises of leading banks (SBI, Axis Bank, ICICI bank, Yes Bank, Kotak Bank, HDFC Bank and the likes) for Debit Cards and Net Banking and payment processors like Visa, Master Card and Diners Club.

About PayMate:

PayMate is the first-of-its-kind mobile payment platform which lets you link your mobile phone to a bank account, credit card or a prepaid account - turning your mobile phone into a secure payment tool to be used anytime, anywhere. PayMate’s hybrid SMS and IVR based transaction platform along with its BREW and j2ME application suite offers unparalleled simplicity making it usable on even the most basic handsets, across all telecom operators. PayMate’s list of security certifications includes compliances such as PCI DSS 1.2, PA-DSS 1.2 and Govt. Of India’s Cert-in, certifying its systems, processes and infrastructure with banking grade security. PayMate has operations in USA, UAE, Sri Lanka, Nepal, Africa & Eastern Europe and an ecosystem of over 15,000 merchants offering mobile payments to their customers. PayMate has tie-ups with over 22 banks in India including SBI, IDBI Bank, Standard Chartered Bank, Corporation Bank, ABN Amro Bank to name a few, and has also tied up with Galileo to offer its 6,000+ agents a remote payment collection solution via mobile. In the US PayMate has partnered with leading transaction service provider- Infonox to offer merchant mobile POS solutions and is steadily foraying into mobile money transfer as part of its inclusive banking roll-outs.

Press Release Source: http://PressExposure.com/PR/DirectPay.html

Press Release Submitted On: August 26, 2009 at 1:29 am
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