BOC’s SMS-based mobile phone payment service

The Bank of Ceylon is claiming another first – saying its SMS-based mobile phone payment service --- is the first in Sri Lanka.
The system has been devised by Pay Mate India Pvt Ltd, a mobile commerce solutions company based in Mumbai.

Speaking to The Sunday Times FT after the launching ceremony of SMS-based mobile phone payment service at BOC Head Office in Colombo, Founder and Managing Director of Pay Mate India Pvt Ltd Ajay Adiseshann said that the system can be utilized to pay for virtually anything from electricity, water, and telephone bills , flight/movie tickets, hiring cars and more. He added that the alliance between Pay Mate and BOC will enable bank’s customers to experience easy- convenient-secure mode.
This alliance will enable six million Bank of Ceylon customers to experience “easy-convenient-secure” mode of making payments via mobile phones through a simple SMS.

The easy-to-use service will provide the convenience of purchasing items by paying across the counter, over the phone, online or from just about any where, he said. Adiseshann noted that partnering with Sri Lanka’s largest bank is a feather in the cap for PayMate.

“With mobile penetration growing at 30 percent each year, the Sri Lankan market presents a unique opportunity for m-commerce and we are excited to be the first SMS based mobile payment service in the country. While the convenience of being able to pay anytime, anywhere via mobile will enable the growth of m-commerce, it’s the simplicity and ease of use that gives PayMate the cutting edge over other m-payment platform,” he said.

BOC Chairman Gamini Wickremasinghe said that “Mobile technology has reached its peak and offers a host of features and convenience to the users. PayMate has been in the forefront of this technology and our association with them will enable our customers to enjoy the convenience of technology. All our customers are cell phone users and a Pay-Buy-SMS service will be an immediate benefit to them.”

Wickremasinghe added that seeing the changing lifestyles that the mobile phone has brought about in the last few years, there is an enormous opportunity to integrate banking services on this platform.