PayMate incorporates its entity in Oman and South Africa following the launch of its service in the UAE and the announcement of its entry into Saudi Arabia.
The business was established in May 2006 as India’s first mobile payment provider, enabling customers to use their phones to pay for goods and services, pay bills, buy tickets, etc. using their bank accounts, credit cards, or prepaid accounts. Additionally released was the PayPOS application, which reshaped the company’s B2C products and revolutionised the Indian payment environment by enabling small companies to conduct electronic transactions directly on their mobile phones at the point of sale devices (POS).
In collaboration with Corporation Bank and Tata Indicom, a P2P mobile money transfer service was also made available under the name Green Money Transfer.
PayMate started concentrating on B2B payments in 2013, automating payables and receivables, and handling more than $500M in annualised payment processing run rate. Due to the development of this business payments infrastructure, the firm became a strategic B2B partner for Visa in 2018. Due to the success of this alliance, PayMate decided to provide its business payments platform throughout the CEMEA region.
In addition to India and the UAE, PayMate India Limited, a Mumbai-based provider of B2B payment solutions, stated on Friday that it had expanded its geographic reach into other areas of Central Europe, the Middle East, Africa (CEMEA), and the Asia Pacific (APAC). The corporation announced its entry into Singapore, Sri Lanka, and Saudi Arabia six months prior to the relocation. The Sultanate of Oman, South Africa, Malaysia, and Australia are the other four markets in which PayMate has established and registered its entity. As a fully owned subsidiary of PayMate India Ltd., the business has been incorporated in Australia and South Africa under the brand name DuNoMo.
Small and medium-sized businesses (SMBs) and large corporations will be able to use PayMate’s B2B payment automation solutions and bank-issued corporate credit cards for their accounts payables (AP), which includes supplier payments, bill payments, and statutory payments. This will enable them to use their operating cash more effectively for their company’s strategic expansion.
Since most of these suppliers don’t take card payments, B2B payments made in this way will be deposited directly into their bank accounts, allowing for widespread acceptance of corporate credit card usage. The PayMate platform will additionally allow corporations full control and visibility over cashflows with thorough reporting, reconciliation, and APIs for ERP interaction with current legacy systems. This is made possible through configurable approval workflows.
Ajay Adiseshan, founder and CEO of PayMate, commented on the expansion by saying: “At PayMate, our objective is to develop and provide new avenues for using commercial credit cards so that the collateral-free credit on them may be used effectively. This aids businesses of all sizes in paying their vendors and resolving cash flow issues. Our current customers in India and the UAE are already making excellent use of our platform, and as a result of our success in these two regions, we are now prepared to provide our solutions to companies in other CEMEA and APAC nations. Our goal of solidifying our position as a world leader in B2B payments includes the global expansion.
PayMate’s chief commercial officer, Rakesh Khanna, stated: “In 2021, the global volume of commercial payments was anticipated to be $120 trillion, with CEMEA contributing roughly USD 10 trillion and APAC estimated to be contributing nearly USD $58 trillion. Thus, in keeping with our goal to seize these chances and advance the PayMate B2B payment solutions in developing countries, we have established ourselves in Malaysia, Australia, South Africa, and Oman. We are confident that by utilising our solutions, local firms will be able to simplify their supply chain payments, lower expenses, and increase working capital.
