The Financial Express of India carries an excellent article on PayMate's new mobile payment service here: http://www.financialexpress.com/fe_full_story.php?content_id=168034. Some excerpts:
Enjoying the first mover advantage, wireless transactions platform provider PayMate has launched India’s first purchase-by-text system, which allows shoppers to purchase a range of products and services directly from their mobile phone. And this is not limited to high-end mobile phones with integrated digital wallet technology or those that can scan barcodes. “All that you need is a phone that can send and receive text messages,” says PayMate’s assistant vice-president, marketing, Akshay Sharma
Currently, anybody who has an account with Citibank and Corporation Bank can log onto PayMate’s system. The company is looking at tying up with 12 other banks shortly, as part of the drive to increase its user base. “Once we strike a deal with a bank, all its account users with or without a credit card can register with us. As of now, 10,000 customers have signed up with us,” says Sharma.
"Growing the merchant base is key to driving this business. Some 3000 top merchants in India, including online portals, travel services, utilities, hotels, retail outlets, restaurants, bookstores and hospitals today accept payments through PayMate. Says Sachin Bhatia, co-founder and chief marketing officer, Makemytrip.com, “We are committed to providing our customers the best value – the lowest cost tickets, access to hotels, the best travel advice – and we are constantly looking for ways to improve customer access and experience. Our partnership with Paymate provides customers with an easy and hassle-free booking experience. Customers can purchase our products through their mobile phones with an easy-to-use SMS service.”
