PayMate

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PayMate India Pvt. Ltd.

Type	Private
Industry	Financial services
Founded	May 2006
Founder	Ajay Adiseshann, founder and CEO
Headquarters	Mumbai, India, Mumbai
Key people	Ravi Vishvanathan, Chief Financial Officer
Products	PayMate
Services	Business payments
Website	paymate.in

PayMate is a business-to-business (B2B) digital and financial services company headquartered in Mumbai.

History[]

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[]

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[]

• 2018: Finalist at Citi India Fintech Challenge^[8]

Sources[]

Notes

References

• "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