Bank of Ceylon, PayMate launch SMS based mobile payment service for 6 million banking customers

February 27, 2008 Colombo: Bank of Ceylon, Sri Lanka’s No. 1 Bank, has partnered with PayMate, India’s leading mobile commerce company to launch a revolutionary mobile payment service BOC PayMate, SMS based mobile payment service for 6 million banking customers.  With BOC PayMate, all Bank of Ceylon’s banking customers will now be able to make day to day payments using their mobile phones.  The service will be available for all BOC customers absolutely free of cost without any registration or usage charges.  To begin with mobile will be accepted at some of Sri Lanka’s most reputed retail chains and soon customers will even be able to make their monthly electricity, water and telephone bill payments via a simple SMS. Some features of this revolutionary service are as follows:

Convenient: Pay across the counter, over the phone, online or from just about anywhere.
 
Secure: PIN based authentication ensures you are in control of every transaction without having to divulge any credit/ debit card details.

Easy: Works on any mobile handset without any GPRS connectivity, SIM change or application download.

With the launch of BOC PayMate, Bank of Ceylon aims to change the card business paradigm by introducing cashless payments for over 6 million customers overnight. Customers can link their bank account to their mobile and thereafter carry out secure transactions without exposing the card number or account details to any merchant whether paying at a store or on an online website.

BOC account holders have to simply walk in the nearest BOC branch to register for this free service.

Commenting on this new launch, Dr. Gamini Wikaramasinghe, Chairman, BOC says “Seeing the changing lifestyles that the mobile phone has brought about in the last few years, there lies an enormous opportunity to integrate banking services on this platform. With the mobile phone increasingly becoming the one-stop-shop for consumers, a simple and secure service like BOC PayMate now offers unparalleled convenience for our customers. BOC has been in forefront of offering newer services to its customers and with this partnership with PayMate we aim to offer the best of m-commerce solutions to the Sri Lankan market through knowledge sharing and technology expertise”.
    
Ajay Adiseshann, MD and Founder, PayMate says “Partnering with Sri Lanka’s largest bank is surely a feather in the cap for PayMate. With mobile penetration growing at 30 % each year, the Sri Lankan market presents a unique opportunity for m-commerce and we are excited to be first SMS based mobile payment service in the country. While the convenience of being able to pay anytime, anywhere via mobile will enable the growth of m-commerce, it’s the simplicity and ease of use that gives PayMate the cutting edge over other m-payment platforms. To add to this, we have also planned several promotions and offers to encourage BOC customers to experience the service.”

In the coming weeks, BOC PayMate plans to grow its merchant network across all categories including retail stores, food and beverage outlets, online sites and utility bill payments to enable mobile transactions. In Sri Lanka, PayMate is represented by its local partner Fortunaglobal who will work closely in building the mobile payment eco-system.

About PayMate:
PayMate India Private Limited is a mobile commerce solutions company based in Mumbai. PayMate was founded in May 2006 by Ajay Adiseshann, Founder and MD, Coruscant Tec and Co-founder, & Director Probir Roy. In a short span of time PayMate India has partnered with top MNC, State owned and Co-operative Banks to offer its unique mobile payment solution - PayMate.
PayMate is already accepted at over 3000 merchants and can be used to pay for purchase online, over the phone and across the counter via the mobile. For a detailed list of partners and merchants, log on to www.paymate.co.in. PayMate is the only Indian company to have been selected by Red Herring among Asia’s Top 100 start-ups two years in succession.