PayMate And Muthoot Finance

CORPORATE/FINANCE

PayMate And Muthoot Finance Launch

Domestic Money Transfer Service Across India

With no sender’s bank account required for remittance, unbanked users to benefit the most

Mumbai, October 10th, 2012: PayMate India Pvt. Ltd – India’s leading mobile payment solutions company today announced a nationwide launch of its unique PayMate Money Transfer service in collaboration with Muthoot Finance Ltd, the largest gold financing company in India. Customers can now send and receive money in a convenient, fast and secure way.  The service is being launched initially at branches of Muthoot Finance in Kochi and Mumbai, the only branches accepting Sender requests for now. Sender requests acceptance will gradually grow across all branches. The transfers can happen to anyone (Recipient) across India.

With today’s announcement, Muthoot Finance locations in the designated cities are authorized to initiate and fulfill domestic money transfers via PayMate Money Transfer. The service greatly simplifies the domestic money transfer process, at the same time meeting all the security and regulatory guidelines. Customers now no longer need to wait to open a bank account before transferring money, or form long queues outside financial institutions. Only the recipient needs to have an account.

Sending money is a very simple and hassle free process. To initiate sending money, customers walk into a Muthoot Finance branch location and fill out a form. After verification of the form details, the customer deposits the money to be transferred with the agent and receives an instant SMS containing a transfer code along with a confirmation of the deposit amount. Money is then transferred to the bank account of the recipient.

Domestic remittance within India is a largely under-serviced market that represents a huge potential for growth. With a large and ever growing migrant population, estimated to be over 100M, sending money home for family maintenance, bill payment, etc. is set for strong growth.

“PayMate has always focused on leveraging technology to deliver financial services to the common man in a convenient, fast and secure manner. The PayMate Money Transfer service accomplishes exactly that” stated Mr. Ajay Adiseshann, Founder and Managing Director, PayMate India Pvt. Ltd. Speaking about the launch with Muthoot Finance he said “We are honored to have Muthoot Finance as a launch partner for the service. Their deep understanding of consumer’s financial needs, unmatched reputation of providing great customer experience, and a nationwide reach through their 4000 odd branch locations, will surely give the service a flying start”. 

“Introducing Domestic Money Transfer through the branches of Muthoot Finance Ltd is another step forward towards providing service to the public, especially the migrant laborers across the country, which we hope will be a mutually beneficial proposition”, said Mr. K R Bijimon, Chief General Manager Muthoot Finance Ltd.

About Muthoot            

Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a “Systemically Important Non-deposit taking NBFC” headquartered in the southern Indian state of Kerala. Operating history of Muthoot Finance has evolved over a period of 73 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887. The company provides personal and business loans secured by gold jewellery, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements. The company is listed on both National Stock Exchange and Bombay Stock Exchange.

About PayMate

PayMate is a wireless transactions platform provider with a 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 30 banks including SBI, ICICI Bank, IDBI Bank, Standard Chartered Bank, Corporation Bank, Royal Bank of Scotland 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-TSYS to offer merchant mobile POS solutions and is steadily foraying into mobile money transfer as part of its inclusive banking roll-outs.