PANJIM: The Goa State Co-Operative Bank became the fourth bank in the country to offer SimsePay, an innovation which allows the account holder to do money transfers, pay utility bills, and other mobile banking services without the need for smart phones or Internet.
Customers will be charged Rs 5 for transfer up to Rs 25,000 and Rs 7.50 for an amount above Rs 25,000 up to Rs 2 lakh. The service which is owned by Yes Bank and created by Taisys India is expected to help the State in its move towards a cashless economy.
The service was inaugurated by the Chief Minister Laxmikant Parsekar. He expressed his confidence in the technology and said he was confident, Goa would take to it. Most mobile banking services like wallets, chat bots and other apps can be used only on smart phones which are Internet enabled. As per industry estimates, of the over 900 million mobile phones in the country, only 220 million phones are smart phones. Yes Bank hopes to garner a base of 500,000 users by 2017. In Goa as per their strategy elsewhere, they intend to make the bank employees use the service which will generate confidence. This will then be followed by a push amongst the account holders of the corporative bank.
