Mumbai: One of the oldest co-operative banks in India, Cosmos Bank has decided to provide one of the most modern payment methods to its customers. It has tied up with PayMate, a Mumbai based mobile commerce solutions company to offer ‘pay buy sms’ service to its customers.

Customers of the Cosmos Bank will now be able to purchase airline tickets, hire cars, make donations or buy movie tickets using a SMS based payment system. The bank will leverage the 3000 plus strong merchant base of PayMate for this purpose. To avail this service, the customers can register at any branch or ATM center of the bank. This SMS based mobile payment service will be available free of cost.

The Chairman of the Cosmos Bank M L Abhyankar said,"this easy-to-use SMS-based service will enable our customers to shop at their convenience, make bill payments or even book flight tickets. Today's launch is another step forward towards satisfying customers' needs."

Presently the bank has around 66 branches and 13 extension counters in 12 major Indian cities across 5 states. The bank completed its 100 years of operation in January 2005. Cosmos Bank has been regularly making efforts to provide state-of the art solutions to its customers. The bank has a distinction to become the first co-operative bank, which has implemented the core banking solution based on Finacle-Infosys software across its entire 66 branch network.