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PayMate

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PayMate India Ltd.
FormerlyPayMate India Pvt. Ltd.
IndustryFinancial services
FoundedMay 2006
FounderAjay Adiseshan, Managing Director & Chairman
HeadquartersMumbai, India,
Mumbai
Key people
Vishvanathan Subramanian (Ravi), CFO & Director
ProductsPayMate
ServicesB2B payments platform & solutions
SubsidiariesPayMate Payments Services Provider LLC (PayMate LLC), PayMate India SPC
Websitepaymate.in

PayMate is a business-to-business (B2B) digital and financial services company headquartered in Mumbai.

History

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. The 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 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 began focusing 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.

PayMate India Lts. filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to float its initial public offering (IPO) in May, 2022.[7]

Acquisition

PayMate acquired lender Zaitech Technologies Pvt. Ltd in 2018.[8]

Awards and recognition

  • 2018: Finalist at Citi India Fintech Challenge[9]
  • 2021: BT-KPMG Best Bank and Fintech Jury Award for Best Fintech[10]
  • 2020: BT-KPMG Best Bank and Fintech Jury Award for Best Fintech[11]

References

  1. ^ "Mobile payment service, Paymate, raises millions". venturebeat.com. 10 July 2006.
  2. ^ "PayPOS". TechCircle.vccircle.com. 9 May 2012.
  3. ^ "TATA Indicom partners with Corporation Bank and PayMate to launch 'Green Money Transfer' in India". India Infoline News Service. 2012.
  4. ^ "PayMate India surpasses $500m in annual processing run rate". moneycontrol.com. 16 July 2013.
  5. ^ "PayMate expansion into CEMEA in partnership with Visa". techcrunch.com/.
  6. ^ "Paymate is surrendering its wallet licence to the RBI". medianama.com. 24 February 2017.
  7. ^ Nahar, Pawan. "PayMate files DRHP to launch Rs 1,500 crore IPO with Sebi". The Economic Times. Retrieved 7 October 2022.
  8. ^ Shetty, Mayur (15 May 2018). "PayMate buys online lender Z2P". The Times of India. Retrieved 10 August 2018.
  9. ^ "Finalist at Citi India Fintech Challenge". thehindubusinessline.com/.
  10. ^ "Shifting Gears". Business Today. 3 March 2021. Retrieved 7 October 2022.
  11. ^ "Automating SMEs". Business Today. 3 March 2020. Retrieved 7 October 2022.

Further reading

Retrieved from "https://en.wikipedia.org/w/index.php?title=PayMate&oldid=1115521637"