PayMate
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 | This article contains content that is written like an advertisement. (April 2017) |
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| Company type | Private |
|---|---|
| Industry | Digital Payments |
| Founded | May 2006 |
| Founder | Ajay Adiseshann, Founder and Managing Director |
| Headquarters | Mumbai, India, India |
Key people | Ravi Vishvanathan, Chief Financial Officer Dhruv Singh, Chief Operating Officer |
| Products | PayMate |
| Services | |
| Website | paymate |
PayMate is a provider of Business-to-Business (B2B) digital payment solutions headquartered in Mumbai. The company was launched in mid-2006 as India’s first mobile payments offering provider[1] 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 prepaid account.
In 2012, PayMate launched a PayPOS application[2], 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[3] - 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.[4].
In Feb 2017, PayMate gave up its RBI issued prepaid wallet license[5], discontinuing all its B2C payments activity.
In January 2018, PayMate announced the signing of a special partnership agreement with Visa.[6] In May 2018, PayMate announced that it acquired Zaitech Technologies Pvt. Ltd.[7]
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
- ^ "Mobile payment service, Paymate, raises millions". venturebeat.com. July 10, 2006.
- ^ "PayPOS". TechCircle.vccircle.com. May 9, 2012.
- ^ "TATA Indicom partners with Corporation Bank and PayMate to launch 'Green Money Transfer' in India". India Infoline News Service. 2012.
- ^ "PayMate India surpasses $500m in annual processing run rate". moneycontrol.com. July 16, 2013.
- ^ "Paymate is surrendering its wallet licence to the RBI". medianama.com. Feb 24, 2017.
- ^ "Visa Taps PayMate To Enhance B2B Payments In India". pymnts.com. Jan 19, 2018.
- ^ "PayMate buys online lender Z2P". The Times of India. May 15, 2018.
- "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
