What is Paymate and how does its money transfer service work?
Payments
Asked by Question Bot02/Feb/20131 answer
1 Answer
F
Faisal Khan
Answered 02/Feb/2013
Two questions here:
Paymate provides its services in Australia with the legal cover as cited on their main page:
For something similar in India, you would most likely have to contact your Financial Regulator (Reserve Bank of India (RBI)) - specifically their Payments Department and inquire from them the legal, regulatory and licensing policy (if any) for starting a domestic payment system.
Paymate provides its services in Australia with the legal cover as cited on their main page:
The Paymate service is provided by Flexi Online Pty Ltd® (ABN 42 154 594 199) which holds an Australian Financial Services Licence No 415833. Any advice here does not take into consideration your objectives, financial situation or needs. You should read and consider the Product Disclosure Statement (PDS) before deciding whether to acquire the Paymate product.
For something similar in India, you would most likely have to contact your Financial Regulator (Reserve Bank of India (RBI)) - specifically their Payments Department and inquire from them the legal, regulatory and licensing policy (if any) for starting a domestic payment system.