Phone as Credit card

Have you ever imagined paying for music or dinner or movie tickets through your mobile phone? If yes, your dream comes true. Paymate has tied up with Citibank to offer the service to the bank’s account holders and credit card customers.

If you are a Citibank customer, register with Paymate and get a PIN, which acts as your password. When you transact, you give your mobile number to the merchant establishment. The merchant will send you an SMS, asking for payment. You forward that SMS to Paymate, along with your PIN.

Once Paymate clears the transaction, it will send the confirmation to the merchant establishment. All this happens instantly and the only cost you incur is that of the SMS you send to Paymate.

Source: iSource updates