Banks should be provided financial support for their Financial Inclusion activities. Lending done by banks for such financial inclusion activities to be considered as priority sector lending. NREGA credit to be routed through such financial inclusion based accounts of nationalized banks**
About PayMate India: PayMate, a Mumbai-based wireless transactions platform provider, is the first-of-its-kind mobile payment service in India. PayMate is an innovative, easy, secure and convenient mode of making payments through the mobile phone. PayMate was founded by Ajay Adiseshann, an Engineering Graduate from University of Colorado and serial entrepreneur, and co-founded by Probir Roy, a veteran technologist; PayMate was spun-off from Coruscant Tec, a mobile content developer and aggregator to offer comprehensive mobile commerce solutions. PayMate has created a viable ecosystem that enables wireless transactions connecting banks, switches, merchants and customers using a simple, secure and seamless technology. It is a simple SMS-based solution that transforms your phone into a wallet. It works on any handset without the need to upgrade the SIM or GPRS connectivity. One can make secure payments for a host of services at the retail stores, buy flowers, book tickets and even subscribe to magazines and newspapers. The revolutionary SMS-based payment service can be used to make easy and secure payments online, over the phone, over the counter or from just about anywhere. PayMate offers a secure payment solution as no credit / debit card information is ever disclosed during the transaction process. PayMate is accepted at over 3000 top online merchants & over 5000 retail merchants in India, including online portals, voice portals, travel services, utilities, retail outlets and restaurants. PayMate is set to become the world’s largest and most broad-based SMS payment ecosystem merchant. It has tied up with a number of business entities like Standard Chartered, Bank of Ceylon, Euronet, Rediff.com, Naukri.com, Jeevansathi.com, 99acres.com, Cleartrip.com, HDFC, Makemytrip.com, Futurebazaar.com, Indiatimes.com, Corporation Bank and US based leading service provider – Infonox. It is steadily broadening its portfolio with several other MNC and PSU banks and retail merchants. PayMate has reversed the outsourcing trend by offering its unique patent-pending wireless application suite to empower one of the largest electronic transaction processing companies in the US.
About Ajay Adiseshann (Founder and Managing Director): Ajay Adiseshann enjoys the reputation of a serial entrepreneur. The Managing Director of PayMate has an interesting career history that projects his strengths and success. With a strong background in Electrical Engineering from the University of Colorado at Boulder, Ajay received early exposure to Internet technologies. This spurred him to make a name for himself as an entrepreneur in the business world. Ajay founded Coruscant Tec in 2003, under which the payment platform was developed and spun off into PayMate. At Coruscant Tec, he has been the key to establishing major alliances, including Air Games Wireless Inc. of Vancouver and Indiatimes (Times Group) on an exclusive basis. He was also directly involved in the development of products and services of the company. Prior to this, Ajay also found Webresource, a web applications and design company, which had executed several important projects, both in the domestic and international market. He set up PayMate in 2006, and is responsible for the day-to-day operations, marketing, ideation, business development and overall strategy. Ajay was faculty member at Xavier’s Institute of Communications, Mumbai, for Internet-related subjects.
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