0712
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India's PayMate says it plans to enter the North American mobile payments market. PayMate will offer m-payment services to U.S. unbanked consumers as well as cellphone-based cross-border remittances from the U.S.
The global cross-border remittance market is worth an estimated US$300 billion in 2007, with an annual growth rate of 8.5 percent, Mumbai-based PayMate says. North America is the largest initiator of cross-border remittances, and India, Mexico and Philippines represent the top three destinations for these remittances.
According to PayMate, 13 percent of the U.S. population does not have a bank account. Unbanked U.S. consumers are reliant on financial self-service kiosks and check-cashing centers for their banking transactions, it says.
In April 2007, PayMate set up a partnership with Infonox, a Sunnyvale, California-provider of technology enabling the delivery of branded financial services to kiosks, ATMs and cellphones. The two companies plan to offer m-banking and m-payment services to customers of the banks, merchant acquirers and financial service aggregators which already use Infonox’s platform.
PayMate has hired Dhruv Singh as to lead its North American business, which is based in Sunnyvale, California. Singh previously worked for AMD and ATI Technologies.
PayMate's m-payments platform, which can be used for Internet, point-of-sale and telephone purchases, is accepted by over 3,000 merchants in India.
Related Links
www.paymate.co.in/
www.gopaymate.com/
www.infonox.com
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