IDBI Bank partners with PayMate for Mobile Payment Solutions

Company Brief

Mumbai, December 17, 2008

IDBI Bank, India’s new generation public sector bank, today launched a strategic partnership with PayMate, India’s leading mobile commerce company, to enable Mobile Payments facility for its over 3.5 million customers.

The alliance will enable IDBI Bank customers to use PayMate’s revolutionary, easy-convenient-secure mobile payment service and turn the tedious chore of paying regular utility bills into an effortless task. Additionally, customers can also use their mobile phones to pay for booking movie & flight tickets, restaurant bills, mobile recharge, online purchase and retail shopping at over 13,000 merchants in India registered with PayMate.

Commenting on this new partnership, Mr. Yogesh Agarwal, Chairman and Managing Director, IDBI Bank says “Enabling our customers with the latest convenience tools that assist in their day-to-day transactions is one of our key goals. This tie-up with PayMate is one such important initiative.”

Ajay Adiseshann, MD and Founder, PayMate says “It is our privilege to partner with IDBI Bank. We are confident that customers of IDBI Bank will find immense value in using PayMate’s widespread and easy to use Mobile payment services. With more services being added constantly, IDBI Bank will be able to leverage our platform to build stickiness with its existing customers while attracting new ones.”

Here’s how PayMate works:

An IDBI Bank customer can avail of free registration for PayMate’s Mobile Payment service at any IDBI Bank Branch (registrations will shortly be extended on 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. A customer can then start transacting as follows:

1.Once the customer chooses to pay via PayMate at the merchant, 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.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.

PayMate Features:

Easy: Works on handset or operator & does not require GPRS or SIM change

Convenient: Can be used to pay online, over the counter, on the phone or from just about anywhere

Secure: 2-factor PIN authentication over IVR ensures Pin is never saved in the phone

Free: No registration or service fee levied whatsoever

For further information please contact:

Perfect Relations

Sarika Chavan

Mobile: 9821906655