PayMate

PayMate India Pvt. Ltd.
Private
IndustryFinancial services
FoundedMay 2006
FounderAjay Adiseshann, Founder and CEO
HeadquartersMumbai, India,
Mumbai
Key people
Ravi Vishvanathan, Chief Financial Officer
ProductsPayMate
ServicesBusiness Payments
Websitepaymate.in

PayMate is a Business-to-Business (B2B) payment solution provider headquartered in Mumbai.

The company offers a cloud-based platform that helps large Enterprises and SMBs transition from traditionally slow and costly forms of payments such as cash and cheques to real-time digital payments. It digitizes their entire procurement-to-payment cycle thereby improving an overall efficiency and saving over 50% in time, efforts, resources and costs.

Service[edit]

The platform provides a comprehensive digital workflow tied to payments which enable greater control & transparency, along with better cash flows & end to end reconciliation for superior experience for corporates in closed loop supply chains.

The platform replaces traditional cash, cheque, EFT payments to card-based payments for corporates, facilitating suppliers to be paid out, irrespective of them being a card acquiring merchant. The system has several built-in risk mitigating benefits for buyers & sellers. It also features a complete Procure-to-Pay solution, Invoice marketplace for dynamic discounting along with APIs for integration into existing accounting back-end for minimal friction-based deployment.

History[edit]

The company was launched in May 2006 as India's first mobile payments provider[1] that allowed consumers to use their mobile phones to pay for online and retail purchases, make utility bill payments, purchase tickets, etc. via their bank account, credit card or a prepaid account. Another solution named PayPOS application,[2] that allowed small businesses to accept credit and debit cards and process electronic transactions directly on their mobile phones at the point of sale devices (POS) was also launched, shaping up the company's B2C offerings and disrupting the Indian payment landscape.

A a person-to-person (P2P) mobile money transfer facility was also offered in association with Tata Indicom and Corporation Bank launched Green Money Transfer[3]

In 2013, PayMate made it's pivot to focus on B2B payments that automated payables and receivables and was processing in excess of $500M in annualized payment processing run rate.[4]

In due course, this business payments platform evolved, making the company a strategic B2B partner for Visa in 2018. This partnership flourished and led to PayMate's expansion into CEMEA region to offer its business payments platform.[5]

As there was no more requirement of the wallet license, in February 2017, the company gave up its RBI issued prepaid wallet license,[6] discontinuing all its B2C payments activity and focus only on B2B payments opportunities across geographies.

Acquisition[edit]

PayMate acquired an innovative and proven lending solution Zaitech Technologies Pvt. Ltd[7] in 2018 which when combined with its proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cashflow, and get access to growth capital.

Awards and Recognition[edit]

  • 2018: Awarded 'Best B2B Payment Solution Provider of the Year' at the Payments and Cards Summit in Mumbai
  • 2018: Awarded 'Best Fintech Product' at ET Leaders of Tomorrow[8] in Mumbai
  • 2018: Awarded 'Best Online Payments Solution (Merchant)' at Drivers of Digital in Mumbai
  • 2018: Finalist at Citi India Fintech Challenge[9]
  • 2019: Awarded 'Best B2B Payments Platform (South Asia)' by Wealth and Finance International Fintech Awards[10]
  • 2019: Awarded 'Best ePayments Solution' at International Finance Awards 2019 by Acquisition International
  • 2019: Finalist for 'Best Solution Provider for Payment Systems in the Cloud' by PayTech - OVUM Innovation Awards

Sources[edit]

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References