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Tweaked the content so it doesn't look promotional. Added latest facts and news announcements made by the company
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| founder = Ajay Adiseshann, Founder and Managing Director
| founder = Ajay Adiseshann, Founder and Managing Director
| location = [[Mumbai]], [[India]]
| location = [[Mumbai]], [[India]]
| hq_location_city = Mumbai
| hq_location_country = India
| key_people = Ravi Vishvanathan, Chief Financial Officer
| key_people = Ravi Vishvanathan, Chief Financial Officer
Dhruv Singh, Chief Operating Officer
| industry = Financial services
| industry = Financial services
| products = PayMate
| products = PayMate
| services = Digital payments
| services = Business Payments
| website = {{URL|https://paymate.in}}
| website = {{URL|https://paymate.in}}
}}
⚫
}}'''PayMate''' is a [[Business-to-business|Business-to-Business]] (B2B) digital payment company headquartered in [[Mumbai]]. It was launched in mid-2006 as India's first [[Mobile payments in India|mobile payments]] provider<ref>{{Cite news|url=https://venturebeat.com/2006/07/10/mobile-payment-service-paymate-raises-millions/|title=Mobile payment service, Paymate, raises millions|last=|first=|date=10 July 2006|work=venturebeat.com|access-date=}}</ref> 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.


⚫
Then in 2012, PayMate launched a PayPOS application,<ref>{{Cite news|url=https://techcircle.vccircle.com/2012/05/09/paymate-launches-paypos-a-mobile-app-for-pos-card-payments/|title=PayPOS|last=|first=|date=9 May 2012|work=TechCircle.vccircle.com|access-date=}}</ref> which allowed small businesses to accept credit and debit cards and process electronic transactions directly on their mobile phones at the point of sale devices ([[Point-of-sale terminal|POS]]). The company in association with Tata Indicom and Corporation Bank launched Green Money Transfer<ref>{{Cite news|url=https://www.indiainfoline.com/article/news-top-story/tata-indicom-partners-with-corporation-bank-and-paymate-to-launch-green-money-transfer-in-india-113092900434_1.html|title=TATA Indicom partners with Corporation Bank and PayMate to launch ‘Green Money Transfer’ in India|last=|first=|date=2012|work=India Infoline News Service|access-date=}}</ref> – a person-to-person mobile money transfer facility.


'''PayMate''' is a [[Business-to-business|Business-to-Business]] (B2B) payment solution provider headquartered in [[Mumbai]].
⚫
The year after, in 2013, PayMate made a pivot to focus on B2B payments and announced that it had started processing in excess of $500M in annualized payment processing run rate.<ref>{{Cite news|url=https://www.moneycontrol.com/news/business/companies/-1707223.html|title=PayMate India surpasses $500m in annual processing run rate|last=|first=|date=16 July 2013|work=moneycontrol.com|access-date=}}</ref>


The company offers a [[Cloud computing|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 software|procurement]]-to-payment cycle thereby improving an overall efficiency and saving over 50% in time, efforts, resources and costs.
⚫
In February 2017, PayMate gave up its RBI issued prepaid wallet license,<ref>{{Cite news|url=https://www.medianama.com/2017/02/223-paymate-surrendering-wallet-licence/|title=Paymate is surrendering its wallet licence to the RBI|last=|first=|date=24 February 2017|work=medianama.com|access-date=}}</ref> discontinuing all its B2C payments activity.


== Service ==
In January 2018, PayMate announced the signing of a special partnership agreement with Visa.<ref>{{Cite news|url=https://www.pymnts.com/news/b2b-payments/2018/visa-paymate-accounts-receivable/|title=Visa Taps PayMate To Enhance B2B Payments In India|last=|first=|date=19 January 2018|work=pymnts.com|access-date=}}</ref> In May 2018, PayMate announced that it acquired Zaitech Technologies Pvt. Ltd.<ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/paymate-buys-online-lender-z2p/articleshow/64166266.cms|title=PayMate buys online lender Z2P|last=Shetty|first=Mayur|date=15 May 2018|newspaper=The Times of India|access-date=10 August 2018}}</ref>
The platform provides a comprehensive digital workflow tied to payments which enable greater control & transparency, along with better cash flows & end to end [[Reconciliation (accounting)|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|Procure-to-Pay]] solution, [[E-invoicing|Invoice]] marketplace for [[dynamic discounting]] along with [[APIs]] for integration into existing accounting back-end for minimal friction-based deployment.

== History ==
⚫
The company was launched in May 2006 as India's first [[Mobile payments in India|mobile payments]] provider<ref>{{Cite news|url=https://venturebeat.com/2006/07/10/mobile-payment-service-paymate-raises-millions/|title=Mobile payment service, Paymate, raises millions|last=|first=|date=10 July 2006|work=venturebeat.com|access-date=}}</ref> 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,<ref>{{Cite news|url=https://techcircle.vccircle.com/2012/05/09/paymate-launches-paypos-a-mobile-app-for-pos-card-payments/|title=PayPOS|last=|first=|date=9 May 2012|work=TechCircle.vccircle.com|access-date=}}</ref> 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 ([[Point-of-sale terminal|POS]]) was also launched, shaping up the company's [[Retail|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<ref>{{Cite news|url=https://www.indiainfoline.com/article/news-top-story/tata-indicom-partners-with-corporation-bank-and-paymate-to-launch-green-money-transfer-in-india-113092900434_1.html|title=TATA Indicom partners with Corporation Bank and PayMate to launch ‘Green Money Transfer’ in India|last=|first=|date=2012|work=India Infoline News Service|access-date=}}</ref>

⚫
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.<ref>{{Cite news|url=https://www.moneycontrol.com/news/business/companies/-1707223.html|title=PayMate India surpasses $500m in annual processing run rate|last=|first=|date=16 July 2013|work=moneycontrol.com|access-date=}}</ref>

In due course, this business payments platform evolved, making the company a strategic B2B partner for [[Visa Inc.|Visa]] in 2018. This partnership flourished and led to PayMate's expansion into CEMEA region to offer its business payments platform<ref>{{Cite web|url=https://techcrunch.com/2019/07/22/paymate-visa-seriesd/|title=PayMate expansion into CEMEA in partnership with Visa|last=|first=|date=|website=https://techcrunch.com/|url-status=live|archive-url=|archive-date=|access-date=}}</ref>.

⚫
As there was no more requirement of the wallet license, in February 2017, the company gave up its RBI issued prepaid wallet license,<ref>{{Cite news|url=https://www.medianama.com/2017/02/223-paymate-surrendering-wallet-licence/|title=Paymate is surrendering its wallet licence to the RBI|last=|first=|date=24 February 2017|work=medianama.com|access-date=}}</ref> discontinuing all its B2C payments activity and focus only on B2B payments opportunities across geographies.

== Acquisition ==
PayMate acquired an innovative and proven lending solution Zaitech Technologies Pvt. Ltd<ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/paymate-buys-online-lender-z2p/articleshow/64166266.cms|title=PayMate buys online lender Z2P|last=Shetty|first=Mayur|date=15 May 2018|newspaper=The Times of India|access-date=10 August 2018}}</ref> which when combined with it's proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cashflow, and get access to growth capital.

<br />

== Awards and Recognition ==

* 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<ref>{{Cite web|url=https://www.youtube.com/watch?v=_gmzkInUX9o|title=Ravi Vishvanathan, CFO PayMate accepting the award|last=|first=|date=|website=YouTube|url-status=live|archive-url=|archive-date=|access-date=}}</ref> in Mumbai
* 2018: Awarded 'Best Online Payments Solution (Merchant)' at Drivers of Digital in Mumbai
* 2018: Finalist at Citi India Fintech Challenge<ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/eight-fintechs-shortlisted-for-citi-india-fintech-challenge/article24106111.ece|title=Finalist at Citi India Fintech Challenge|last=|first=|date=|website=https://www.thehindubusinessline.com/|url-status=live|archive-url=|archive-date=|access-date=}}</ref>
* 2019: Awarded 'Best B2B Payments Platform (South Asia)' by Wealth and Finance International Fintech Awards<ref>{{Cite web|url=https://www.wealthandfinance-news.com/winners/paymate/|title=W&F Fintech Award|last=|first=|date=|website=https://www.wealthandfinance-news.com/winners/paymate/|url-status=live|archive-url=|archive-date=|access-date=}}</ref>
* 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 ==
== Sources ==

Revision as of 09:32, 27 November 2019

PayMate India Pvt. Ltd.
Company typePrivate
IndustryFinancial services
FoundedMay 2006
FounderAjay Adiseshann, Founder and Managing Director
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

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

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

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


Awards and Recognition

  • 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

Notes
  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". https://techcrunch.com/. {{cite web}}: External link in |website= (help)CS1 maint: url-status (link)
  6. ^ "Paymate is surrendering its wallet licence to the RBI". medianama.com. 24 February 2017.
  7. ^ Shetty, Mayur (15 May 2018). "PayMate buys online lender Z2P". The Times of India. Retrieved 10 August 2018.
  8. ^ "Ravi Vishvanathan, CFO PayMate accepting the award". YouTube.{{cite web}}: CS1 maint: url-status (link)
  9. ^ "Finalist at Citi India Fintech Challenge". https://www.thehindubusinessline.com/. {{cite web}}: External link in |website= (help)CS1 maint: url-status (link)
  10. ^ "W&F Fintech Award". https://www.wealthandfinance-news.com/winners/paymate/. {{cite web}}: External link in |website= (help)CS1 maint: url-status (link)
References
Retrieved from "https://en.wikipedia.org/w/index.php?title=PayMate&oldid=928180417"