There are 20 million credit cards and 70 million debit cards in India. What will happen to the rest of the folks who don’t have a card ? Mobile payment service is going to be a hit when the India two is made the target population. India two in the words of Kishore biyani is the lower middle class population which is latching on to the mobile at a breathtaking speed.
Paymate with its strategy through debit and credit cards tie ups is not a disruptive service from my perspective.
All you need to have is a mobile phone and a credit or debit card account with one of our partner banks (Currently only for Citibank customers but other leading banks will soon offer PayMate too).
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