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IDBI Now Offers Mobile Payment Solutions
Techtree News Staff, Dec 18, 2008 1352 hrs ISTPIN is not saved on the phone, works on any handset, doesn t require GPRS or SIM change, no registration or service fee
IDBI Bank has partnered with mobile commerce company PayMate to provide a mobile payment facility for its customers. This feature is aimed at making day-to-day transactions easier and quicker.
The mobile payment facility will enable IDBI customers to use their mobile phone to pay regular utility bills, to pay for booking movie and flight tickets, restaurant bills, mobile recharge, online purchase, and retail shopping at over 13,000 merchants in India who are registered with PayMate.
PayMate claims that transactions carried out through their mobile payment solution are easy, convenient, and secure. Its 2-factor PIN authentication over IVR ensures that the PIN is never saved in the phone, says the company. Also, the facility works on any handset and doesn't require GPRS or SIM change. Lastly, there's no registration or service fee levied to avail these services.
Here's how PayMate works:
An IDBI customer can avail of free registration for PayMate's mobile payment service at any IDBI branch (registration facility will shortly be extended to ATMs and through NetBanking).
Once registered, the process links the customer's mobile number to his/her operative bank account and a secure Mobile Banking PIN (m-PIN) is sent to the customer, who can then start transacting as follows:
1. Once the customer chooses to pay the merchant via PayMate, he/she only shares the registered mobile number with the merchant and instantly receives an IVR call from PayMate asking for a payment authorization with a 4 digit mPIN.
2. The customer then punches in the mPIN, which is authenticated by PayMate, and the customer's bank account is debited instantly.
3. A confirmation of the transaction status is sent to both the customer (via SMS) and the merchant (through the PayMate interface) within a few seconds.
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