PayMate, a mobile payments company, announced the launch
of India’s first mobile, cashless purchase management service for fleet
operators in the country.
The new service called WAYPAY” is in collaboration with
India’s fleet management solution provider, Mahaventures. This innovative
system is designed to help fleet operator across the country manage all
in-route expenses from nominated retail outlets, without cash.
WAYPAY PMS eliminates the need for cash carrying, thus
increasing the level of security felt by fleet drivers. The elimination of cash
also makes it easier to prevent fraudulent transactions. It’s convenient and
comprehensive reporting enables fleet owners and managers to receive real time
reports and set purchase controls online.
Being a leader and an innovator in the mobile payments space,
new opportunities always excite us. We analyzed the issues that fleet operators
faced on their daily trips and decided to create a system that would help
simplify payments for them without any external hardware/Point of sale
devices-zero capex,” said Ajay Adiseshann, founder and managing director,
Electronification of cash payments is a big thrust area
for us. While India continues to mature as an economy there will be a
definitive shift from cash to electronic with the mobile phone playing a key
facilitator in this transition. The PayMate platform is particularly suited for
such applications and in Mahaventures we have the ideal partner for rapid
deployment in western India,” Adiseshann added.
PayMate and Mahaventures have designed a simple and
secure way of making and monitoring purchases. Transporters need to register
their vehicles and drivers mobile number with WAYPAY, each driver’s mobile
number will be registered against each vehicle number.
A Login ID and Password will be provided on successful
registration. The transporter would then need to set purchase limits and load
required funds to a prepaid account by RTGS/Net Banking/Cheque.
Once that has been done, the drivers need to call WAYPAY
IVR from his registered number for the purchase amount and punch his PIN for
the transaction. Drivers can ask WAYPAY dealers to make purchase requests on
WAYPAY IVR. The dealer needs to punch the driver’s number and amount on WAYPAY
On confirmation the driver will receive the Fuel (or any
other item purchased) from the Dealer and the money will be transferred from
the Transporters WAYPAY account to the Dealers account. This system is not only
applicable for fuel, but can be used for purchase of Tires, Batteries, Service
Centre Bills, etc
By TelecomLead.com Team