PayMate India Limited (“PayMate”), a leading B2B payments and services provider that digitizes, automates, and streamlines business-to-business (B2B) payments in supply chains[1], has integrated the capability to make utility bill payments using commercial credit cards as a new feature on its platform.
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PayMate’s customers[2]Â and users[3]Â can make utility bill payments such as landline bills, electricity bills, water bills, broadband bills, among others along with their other statutory and vendor payments.
Speaking on this, Ajay Adiseshan, Managing Director and Chairman, PayMate says, “Due to the COVID-19 pandemic, businesses faced challenges with traditional methods of payments. By adding Utility bill payments on the PayMate platform, we have created yet another avenue for PayMate’s customers to use commercial credit cards; ultimately providing a fully integrated B2B payments stack to our customers[4].”
From April to December 2021, PayMate processed ₹22,467.92 million of direct tax payments and ₹99,929.67 million of GST payments on its platform through commercial credit cards, while the overall commercial credit card processing TPV[5] increased from ₹187,142.31 million in Fiscal 2021 to ₹464,766.45 million. As of December 31, 2021, the total number of Customers and Users using the PayMate platform is 166,811.
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PayMate is also a Visa-certified Business Payment Solution Provider (BPSP) in the UAE and is also aiming to expand into other parts of Central Europe, the Middle East and Africa (“CEMEA”) region. PayMate has a relationship with Visa, pursuant to which Visa facilitates introductions of PayMate to Visa issuing financial institution partners, and PayMate will ensure that commercial credit cards processed through PayMate’s system are Visa cards for certain international territories agreed with Visa.
This press release does not constitute an offer or a solicitation of an offer of securities of PayMate (the “Securities”) in the United States. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States, and such Securities may not be offered, sold or otherwise transferred in the United States absent registration under the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements thereof and applicable state or local securities laws of the United States.
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