PayMate - Revision history

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	{{Infobox company		{{Infobox company
	\| name = PayMate India Pvt. Ltd.		\| name = PayMate India Pvt. Ltd.
	\| logo = ~~[[File:PayMate_India_new_official_logo_-_November,_2017.png\|logo]]~~		\| logo =
	\| logo_alt = PayMate India's logo, updated as of November 2017		\| logo_alt = PayMate India's logo, updated as of November 2017
	\| type = [[Private company\|Private]]		\| type = [[Private company\|Private]]

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← Older revision		Revision as of 04:41, 16 May 2022
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	}}		}}

	'''PayMate''' is a [[business-to-business]] (B2B) ~~payment solution{{solution-inline\|date=June 2020}} provider~~ headquartered in [[Mumbai]].		'''PayMate''' is a [[business-to-business]] (B2B) digital and financial services company headquartered in [[Mumbai]].

	The company offers a [[Cloud computing\|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 software\|procurement]]-to-payment cycle, thereby improving an overall efficiency and saving over 50% in time, efforts, resources and costs.

	~~== Service ==~~
	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 (accounting)\|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{{solution-inline\|date=June 2020}}, [[E-invoicing\|invoice]] marketplace for [[dynamic discounting]] along with [[Application programming interface\|APIs]] for integration into existing accounting back-end for minimal friction-based deployment.

	== History ==		== History ==
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	== Awards and recognition ==		== Awards and recognition ==

	* 2018: Awarded 'Best Fintech Product' at ET Leaders of Tomorrow<ref>{{Cite web\|url=https://www.youtube.com/watch?v=_gmzkInUX9o\|title=Ravi Vishvanathan, CFO PayMate accepting the award\|website=YouTube}}</ref> in Mumbai
	* 2018: Finalist at Citi India Fintech Challenge<ref>{{Cite web\|url=https://www.thehindubusinessline.com/money-and-banking/eight-fintechs-shortlisted-for-citi-india-fintech-challenge/article24106111.ece\|title=Finalist at Citi India Fintech Challenge\|website= thehindubusinessline.com/}}</ref>		* 2018: Finalist at Citi India Fintech Challenge<ref>{{Cite web\|url=https://www.thehindubusinessline.com/money-and-banking/eight-fintechs-shortlisted-for-citi-india-fintech-challenge/article24106111.ece\|title=Finalist at Citi India Fintech Challenge\|website= thehindubusinessline.com/}}</ref>
	* 2019: Awarded 'Best B2B Payments Platform (South Asia)' by Wealth and Finance International Fintech Awards<ref>{{Cite web\|url=https://www.wealthandfinance-news.com/winners/paymate/\|title=W&F Fintech Award\|website= wealthandfinance-news.com/winners/paymate/}}</ref>

	== ~~Sources~~ ==		== References ==
	~~;Notes~~
	{{reflist}}		{{reflist}}
	~~;References~~
			== Further reading ==
	*[http://techcircle.vccircle.com/2014/11/26/excl-paymate-pivoting-to-b2b-platform-lightbox-commits-more-to-proposed-30m-in-fresh-funding/ "PayMate Pivoting To B2B Platform"], ''Techcircle, 26 November 2014''		*[http://techcircle.vccircle.com/2014/11/26/excl-paymate-pivoting-to-b2b-platform-lightbox-commits-more-to-proposed-30m-in-fresh-funding/ "PayMate Pivoting To B2B Platform"], ''Techcircle, 26 November 2014''
	*[http://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Banking/Cosmos_Bank_partners_with_PayMate_for_mobile_payment_solutions/articleshow/2725765.cms "Cosmos Bank partners with PayMate for mobile payment solutions"], ''Economic Times'', 23 January 2008		*[http://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Banking/Cosmos_Bank_partners_with_PayMate_for_mobile_payment_solutions/articleshow/2725765.cms "Cosmos Bank partners with PayMate for mobile payment solutions"], ''Economic Times'', 23 January 2008

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+Category:2006 establishments in Maharashtra; +Category:Indian companies established in 2006 using HotCat

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{{Infobox company
| name = PayMate India Pvt. Ltd.
| logo = [[File:PayMate_India_new_official_logo_-_November,_2017.png|logo]]
| logo_alt = PayMate India's logo, updated as of November 2017
| type = [[Private company|Private]]
| foundation = May 2006
| founder = Ajay Adiseshann, founder and CEO
| location = [[Mumbai]], [[India]]
| hq_location_city = Mumbai
| key_people = Ravi Vishvanathan, Chief Financial Officer
| industry = Financial services
| products = PayMate
| services = Business payments
| website = {{URL|https://paymate.in}}
}}

'''PayMate''' is a [[business-to-business]] (B2B) payment solution{{solution-inline|date=June 2020}} provider headquartered in [[Mumbai]].

The company offers a [[Cloud computing|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 software|procurement]]-to-payment cycle, thereby improving an overall efficiency and saving over 50% in time, efforts, resources and costs.

== Service ==
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 (accounting)|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{{solution-inline|date=June 2020}}, [[E-invoicing|invoice]] marketplace for [[dynamic discounting]] along with [[Application programming interface|APIs]] for integration into existing accounting back-end for minimal friction-based deployment.

== History ==
The company was launched in May 2006 as India's first [[Mobile payments in India|mobile payments]] provider<ref>{{Cite news|url=https://venturebeat.com/2006/07/10/mobile-payment-service-paymate-raises-millions/|title=Mobile payment service, Paymate, raises millions|date=10 July 2006|work=venturebeat.com}}</ref> 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,<ref>{{Cite news|url=https://techcircle.vccircle.com/2012/05/09/paymate-launches-paypos-a-mobile-app-for-pos-card-payments/|title=PayPOS|date=9 May 2012|work=TechCircle.vccircle.com}}</ref> 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 ([[Point-of-sale terminal|POS]]), was also launched, shaping up the company's [[Retail|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.<ref>{{Cite news|url=https://www.indiainfoline.com/article/news-top-story/tata-indicom-partners-with-corporation-bank-and-paymate-to-launch-green-money-transfer-in-india-113092900434_1.html|title=TATA Indicom partners with Corporation Bank and PayMate to launch ‘Green Money Transfer’ in India|date=2012|work=India Infoline News Service}}</ref>

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.<ref>{{Cite news|url=https://www.moneycontrol.com/news/business/companies/-1707223.html|title=PayMate India surpasses $500m in annual processing run rate|date=16 July 2013|work=moneycontrol.com}}</ref>

In due course, this business payments platform evolved, making the company a strategic B2B partner for [[Visa Inc.|Visa]] in 2018. This partnership flourished and led to PayMate's expansion into CEMEA region to offer its business payments platform.<ref>{{Cite web|url=https://techcrunch.com/2019/07/22/paymate-visa-seriesd/|title=PayMate expansion into CEMEA in partnership with Visa|website= techcrunch.com/}}</ref>

As there was no more requirement of the wallet license, in February 2017, the company gave up its RBI issued prepaid wallet license,<ref>{{Cite news|url=https://www.medianama.com/2017/02/223-paymate-surrendering-wallet-licence/|title=Paymate is surrendering its wallet licence to the RBI|date=24 February 2017|work=medianama.com}}</ref> discontinuing all its B2C payments activity and focus only on B2B payments opportunities across geographies.

== Acquisition ==
PayMate acquired the lending solution{{solution-inline|date=June 2020}} Zaitech Technologies Pvt. Ltd in 2018,<ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/paymate-buys-online-lender-z2p/articleshow/64166266.cms|title=PayMate buys online lender Z2P|last=Shetty|first=Mayur|date=15 May 2018|newspaper=The Times of India|access-date=10 August 2018}}</ref> 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: Awarded 'Best Fintech Product' at ET Leaders of Tomorrow<ref>{{Cite web|url=https://www.youtube.com/watch?v=_gmzkInUX9o|title=Ravi Vishvanathan, CFO PayMate accepting the award|website=YouTube}}</ref> in Mumbai
* 2018: Finalist at Citi India Fintech Challenge<ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/eight-fintechs-shortlisted-for-citi-india-fintech-challenge/article24106111.ece|title=Finalist at Citi India Fintech Challenge|website= thehindubusinessline.com/}}</ref>
* 2019: Awarded 'Best B2B Payments Platform (South Asia)' by Wealth and Finance International Fintech Awards<ref>{{Cite web|url=https://www.wealthandfinance-news.com/winners/paymate/|title=W&F Fintech Award|website= wealthandfinance-news.com/winners/paymate/}}</ref>

== Sources ==
;Notes
{{reflist}}
;References
*[http://techcircle.vccircle.com/2014/11/26/excl-paymate-pivoting-to-b2b-platform-lightbox-commits-more-to-proposed-30m-in-fresh-funding/ "PayMate Pivoting To B2B Platform"], ''Techcircle, 26 November 2014''
*[http://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Banking/Cosmos_Bank_partners_with_PayMate_for_mobile_payment_solutions/articleshow/2725765.cms "Cosmos Bank partners with PayMate for mobile payment solutions"], ''Economic Times'', 23 January 2008
*[http://www.siliconindia.com/magazine/articledesc.php?articleid=UTEF788862188 "MyGiftMate: Gift the SMS Way"], ''SiliconIndia'', August 2008
*[http://www.podtech.net/home/2904/paymate-founder-ajay-adiseshann-on-e-commerce-via-sms "PayMate Founder Ajay Adiseshann on E-Commerce via SMS"], ''Pod Tech'', 2 May 2007

{{Mobile payments}}

[[Category:Online companies of India]]
[[Category:Mobile payments in India]]
[[Category:Companies based in Mumbai]]
[[Category:Financial services companies established in 2006]]
[[Category:2006 establishments in Maharashtra]]
[[Category:Indian companies established in 2006]]