PayMate

PayMate India Pvt. Ltd.

Company type	Private
Industry	Digital Payments
Founded	May 2006
Founder	Ajay Adiseshann, Founder and Managing Director
Headquarters	Mumbai, India
Key people	Ravi Vishvanathan, Chief Financial Officer Dhruv Singh, Chief Operating Officer
Products	PayMate
Website	paymate.in/index.html

PayMate is a provider of Business-to-Business (B2B) digital payment solutions headquartered in Mumbai. The platform enables large Enterprises and SMEs to transition from traditionally slow and costly forms of payments like cash and cheques to real-time and efficient digital payments.

The PayMate platform is easy to operate and provides an ability to automate, seamlessly manage and reconcile vendor payments (Accounts Payables), collect customer payments (Accounts Receivables), invoicing, and cash flow. Multiple forms of digital payment channels are supported including credit card, debit card, net banking, NEFT, RTGS, and IMPS. All services are delivered via a proprietary cloud based, payments platform and can be accessed via desktop, mobile web or mobile application.

PayMate platform comes with banking grade security and is a PCI-DSS 3.2 certified platform, which is the highest international standard in security for the payments industry.

The company was launched in mid-2006 as India’s first mobile payments offering provider that allows 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 pre-paid account.

In 2012, PayMate launched a PayPOS application, which allows small businesses to accept credit and debit cards and process electronic transactions directly on their mobile phones at the point of sale (POS). The company in association with Tata Indicom and Corporation Bank launched Green Money Transfer - a person-to-person mobile money transfer facility.

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. The company was also awarded the "Fastest Growing Solution" by Knowledgefaber Awards for Excellence in Payment Methods and Technologies, held last month in Bangalore.

By 2016, PayMate established itself as the clear leader in B2B payments in India and announced it has crossed $2B in annualized Gross Processing Volume (GPV).

In Feb 2017, PayMate gave up its RBI issued prepaid wallet license, discontinuing all its B2C payments activity.

In January 2018 PayMate announced the signing of a special partnership agreement with Visa stating that it was working closely with Visa and its banking partners to enhance their corporate payment offering and services for Enterprise and SME customers in India.  

In May 2018, PayMate announced that it was acquiring Zaitech Technologies Pvt. Ltd. (Z2P Technologies), an innovative lending platform so that it could better partner with banks and NBFCs to improve the flow of credit to SMEs. It also stated that it had crossed $3B in annualized GPV and had 20,000 businesses registered on its platform.

PayMate’s current investors include Mayfield Fund, Lightbox Ventures, and Mayfair 101. It was originally funded in by Silicon Valley-based venture capital companies Kleiner Perkins Caufield & Byers and Sherpalo Ventures.

Sources

• "PayMate Pivoting To B2B Platform", Techcircle, 26 November, 2014
• "Cosmos Bank partners with PayMate for mobile payment solutions", Economic Times, 23 January 2008
• "MyGiftMate: Gift the SMS Way", SiliconIndia, August 2008
• "PayMate Founder Ajay Adiseshann on E-Commerce via SMS", Pod Tech, 2 May 2007