PayMate: Difference between revisions

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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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}}
}}


'''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

Latest revision as of 11:02, 26 July 2023

PayMate India Pvt. Ltd.
IndustryFinancial services
FoundedMay 2006
Founder(s)Ajay 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) digital and financial services company headquartered in Mumbai.

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 solutionTemplate:Solution-inline 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: Finalist at Citi India Fintech Challenge[8]

References[edit]

  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. ↑ "Finalist at Citi India Fintech Challenge". thehindubusinessline.com/.

Further reading[edit]

Template:Mobile payments

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