PayMate

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PayMate India Pvt. Ltd.
TypePrivate
IndustryFinancial services
FoundedMay 2006
FounderAjay Adiseshann, founder and CEO
HeadquartersMumbai, India,
Mumbai
Key people
Ravi Vishvanathan, Chief Financial Officer
ProductsPayMate
ServicesBusiness payments
Websitepaymate.in

PayMate is a business-to-business (B2B) payment solution[buzzword] 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[edit]

The platform provides a comprehensive digital workflow tied to payments which enable greater control and transparency, along with better cash flows and end to end reconciliation 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 and sellers. It also features a complete procure-to-pay solution[buzzword], invoice marketplace for dynamic discounting along with APIs for integration into existing accounting back-end for minimal friction-based deployment.

History[edit]

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.

Acquisition[edit]

PayMate acquired the lending solution[buzzword] Zaitech Technologies Pvt. Ltd in 2018,[7] which when combined with its proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cashflow, and get access to growth capital.

Awards and recognition[edit]

  • 2018: Awarded 'Best Fintech Product' at ET Leaders of Tomorrow[8] 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]

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 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. ^ 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.
  9. ^ "Finalist at Citi India Fintech Challenge". thehindubusinessline.com/.
  10. ^ "W&F Fintech Award". wealthandfinance-news.com/winners/paymate/.
References