The service is provided by ING Vysya with backend help from PayMate
Bangalore: It’s the last date to pay your insurance premium and you are out of town. What do you do? Just send an SMS and pay your premium.
ING Vysya Life has announced that customers can now pay insurance premium in an easy, efficient and secure manner through SMS. The service is provided by ING Vysya through backend help from PayMate, the first of its kind mobile payment solution in India.
Rahul Agarwal, Vice-President of Customer Services, ING Vysya Life, said that with the increasing penetration of cell phones, mobile commerce is set for tremendous growth.
“With this service, our customers can make payments through their mobile phones, which is hassle free, convenient and secure.”
Mr. Agarwal said that around 75 per cent of policy holders had registered their mobile phone numbers.
To make payments through SMS, ING Vysya Life customers, after registering, can send an SMS with their policy number prefaced by “IVL” to 667711.
The customer will then get a reply confirming the premium amount that is due, along with a three-digit PIN number.
He said that the customer then has to send the SMS with the three-digit PIN number, along with the four-digit permanent PIN provided by the respective bank.
Customers get an instant reply confirming the payment and they are given a transaction number for their reference.
Mr. Agarwal said that to create awareness about the service, ING Vysya Life would soon be sending emails to customers.