Paymate

With the Reserve Bank of India (RBI) increasing the cap on mobile banking to Rs 50,000 a day, more than 50 per cent of account holders are expected to come under this platform in the next five years, a leading service provider said.
"The recent hike in the limit of mobile banking transactions by the Reserve Bank will be a boost for the industry and will bring more than 50 per cent of Indian bank account holders under the ambit of this platform by 2015," mobile payment service provider PayMate Managing Director Ajay Adiseshann told.

Corporation Bank, Tata Teleservices and PayMate united their efforts to introduce Green Money Transfer, an industry first by making P2P mobile money transfer a reality and bringing India one step closer to financial inclusion of its strong unbanked population. Green Money Transfer claims to be first of its kind P2P mobile money transfer service allowing people at the two ends of the country to transfer money to each other in an instant.

 mChek, a mobile payment services provider, closed its series-B round of funding, with Nexus India Capital who will inject between $5-8 million into the company. VC firm Draper Fisher Jurvetson, which invested in the company in the first round in 2006, has also participated.

Main competitors of mCheck at the market are One97, Obopay, and Paymate who are creating their niche in the ecosystem and tying up with banks and operators in a race to build up their offerings.

 Paymate, an innovative provider of Internet payment services, announced today that Mr. Garrett Gafke has been named Chief Executive Officer. Gafke, who was appointed to Paymate's Board of Directors in January 2009, succeeds Mr. Dilip Rao, Paymate's founder and founding Chief Executive Officer. Mr. Rao was named President. The new executive appointments are effective immediately. 

Australian online payment system has announced today a simple, low-cost fee structure for it's US Payment Services, to be launched on 26 February, 2009. According to the online payment processor it has been selected by online marketplace eBay as one of the tree outside payment options available on ebay.com. PayMate will join such known online payment gateways as ProPay which entered into agreement with online auction last year and Moneybookers that became available on the site earlier this month.