PayMate

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PayMate India Pvt. Ltd.
Private
IndustryFinancial services
FoundedMay 2006
FounderAjay Adiseshann, Founder and Managing Director
HeadquartersMumbai, India,
India
Key people
Ravi Vishvanathan, Chief Financial Officer Dhruv Singh, Chief Operating Officer
ProductsPayMate
ServicesDigital payments
Websitepaymate.in

PayMate is a Business-to-Business (B2B) digital payment company headquartered in Mumbai. It was launched in mid-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.

Then in 2012, PayMate launched a PayPOS application,[2] 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 (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 February 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]

Sources[edit]

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 is surrendering its wallet licence to the RBI". medianama.com. 24 February 2017.
  6. ^ "Visa Taps PayMate To Enhance B2B Payments In India". pymnts.com. 19 January 2018.
  7. ^ Shetty, Mayur (15 May 2018). "PayMate buys online lender Z2P". The Times of India. Retrieved 10 August 2018.
References