Lakshmi Vilas Bank inks an agreement with PayMate

Lakshmi Vilas Bank has entered into an agreement with PayMate in order to offer mobile banking to its customers. PayMate is Mumbai-based wireless transaction platform provider offering mobile payment solutions to any financial instrument

This tie-up will offer customers facilities such as mobile recharge, utility bills, movie and flight tickets, online purchases, retail shopping and many more services at over 15,000 merchants registered with PayMate in India.

This facility will be available to the bank’s customers across 250 branches.

Under mobile banking, when a customer gets registered with PayMate, a 4 digit PIN will offered to authorise each payment. Then an auto IVR call back from PayMate will be received to customer, where he/she needs to punch that 4 digit PIN to authorise the transaction. Later a confirmation SMS is sent to customers for transaction executed.