Business Daily from THE HINDU group of publications
Thursday, Aug 02, 2007
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Business Daily from THE HINDU group of publications Thursday, Aug 02, 2007 ePaper |
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Money & Banking
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Public Sector Banks Info-Tech - M-Commerce Corporation Bank rolls out ‘Pay by Mobile’ service
Customers, who have been issued CorpBank ATM cards and Corp Convenience debit cards, can use this service
Our Bureau Mangalore, Aug. 1 Corporation Bank has launched SMS-based ‘Pay by Mobile’ service. A press release said here that Corporation Bank became the first nationalised bank in the country to launch such a service. Through this, the bank’s customers can pay anywhere, anytime, via mobile. Launching the new product in Mumbai, Mr K.L. Gopalakrishna, Executive Director, said that the cellular service in India is poised for robust growth in the next five years. The country is seen as a big market for mobile phone growth and is expected to be the world’s third largest mobile market by the number of users, he said. Wireless Transaction
Looking at the vast potential and fast changing demography and lifestyles, Corporation Bank has entered the m-commerce (mobile commerce) area for offering value-added services to its customers, on a pilot basis, he said. It is introducing this facility to its customers in association with PayMate India Pvt Ltd — a wireless transaction platform provider based in Mumbai. PayMate has created an m-payment system comprising over 3,000 merchant establishments across various categories. All the Corporation Bank customers, who have been issued CorpBank ATM cards and Corp Convenience debit cards, can use this ‘Pay by Mobile’ service. To start with the facility, the customer has to register at any of the CorpBank ATMs. The menu at the ATM will guide the customer to fill in the details along with mobile number. On successful registration, the customer will receive a four-digit PIN through an SMS on his mobile. The PIN will be used to authenticate all the future transactions. On completion of the purchase, the customer will receive an SMS to which he has to reply to authorise the payment. The customer will also receive a confirmatory SMS after the payment, the release added.
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