hen plastic began to replace paper, convenience banking really lived up to its name. But making payments now, is as easy as, sending an SMS. Mumbai-based PayMate has collaborated with Citibank and Euronet to launch a mobile payment solution also called PayMate.

PayMate has been launched by Ajay Adiseshan and Probir Roy, founders of mobile content developer and aggregator Coruscant Tec. The company has already seen an investment of $5 million plus by Sherpalo Ventures and Kleiner Perkins Caufield & Byers (KPCB), two Silicon Valley venture capital firms that have pumped in funds in Naukri and Cleartrip. ... more