PayMate B2B customers can make utility bill payments using Visa commercial credit cards

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Mumbai, India, July 22, 2022 /PRNewswire/ — 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 ability to make utility bill payments using commercial credit cards as a new feature on its platform.

PayMate customers[2] and users[3] can make utility bill payments such as landline bills, electricity bills, water bills, broadband bills, among others, as well as their other statutory and supplier payments.

Speaking about this, Ajay AdiseshanCEO and President, PayMate said, “Due to the COVID-19 pandemic, businesses have faced challenges with traditional payment methods. By adding utility bill payments to the PayMate platform, we have created another option for PayMate customers to use commercial credit cards; ultimately providing a fully integrated B2B payments stack to our customers[4].”

From April to December 2021PayMate processed ₹22,467.92 million in direct tax payments and ₹99,929.67 million in GST payments on its platform via commercial credit cards, while overall POS commercial credit card processing[5] increased from ₹187,142.31 million in FY 2021 to ₹464,766.45 million. From December 31, 2021the total number of Clients and Users using the PayMate platform is 166,811.

PayMate is also a Visa-certified Business Payment Solution Provider (BPSP) in the UAE and also aims to expand into other parts of central Europethe Middle East and Africa (“CEMEA”). PayMate has a relationship with Visa, whereby Visa facilitates the introduction of PayMate to Visa-issuing partner financial institutions, 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”) for United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of United Statesand such Securities may not be offered, sold or otherwise transferred in United States in the absence of registration under securities law or under an available exemption or in connection with a transaction not subject to the registration requirements thereof and securities laws applicable national or local United States.

About PayMate India Ltd.

PayMate is a leading B2B payments and service provider that digitizes, automates and streamlines business-to-business payments across supply chains. The PayMate platform offers an upgrade from traditional paper-based workflows to software-driven workloads with digital payment workflows like digital invoicing and several add-on features. The company is present in South Asia (India) and the United Arab Emirates and aims to extend to the entire CEMEA zone. PayMate was awarded “Best Fintech in Payments” by BT-KPMG Best Bank and Fintech Jury Awards 2021. For more information, visit www.paymate.in or follow us on Twitter – @PayMate_In.

“PayMate India Limited proposes, subject to obtaining required approvals, market conditions and other considerations, to make an initial public offering of its shares (“Offer”) and has filed a draft Red Herring prospectus in dated May 28, 2022 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the SEBI website at www.sebi.gov.in, the National Stock Exchange of India Limited website at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and the respective websites of the Offer lead managers, ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and SBI Capital Markets Limited at www.icicisecurities.com, www.business.hsbc.co.in/en-gb/in/generic/ipo-open-offer-and-buyback, www.jmfl .com and www.sbicaps.com. Investors should note that investing in shares involves a high degree of risk. For further details, prospective investors should refer to the HPR which may be filed with the Registrar of Companies in the future, including the section entitled “Risk Factors”. Prospective investors should not rely on the DRHP filed with SEBI in making an investment decision.”

Offer Materials Disclaimer: Market information contained in the report is obtained using an integrated research methodology that includes secondary and primary research. RedSeer’s primary research includes in-depth surveys and interviews with consumers, customers, and other relevant ecosystem participants, as well as consultations with market participants and experts. In addition to primary research, quantitative market insights are also derived from data from trusted portals and industry publications. Therefore, the information is subject to the limitations of, among other things, secondary statistics and primary research, and therefore the results do not claim to be exhaustive. RedSeer’s estimates and assumptions are based on various levels of quantitative and qualitative analysis from various sources, including industry reviews, company reports and public domain information. RedSeer’s research has been conducted with a broad industry perspective and will not necessarily reflect the performance of individual companies in the industry. RedSeer shall not be liable for any loss suffered by any person as a result of reliance on the information contained in the report. Although RedSeer has taken due care and caution in preparing the report based on information obtained from sources generally believed to be reliable, its accuracy, completeness and underlying assumptions are subject to limitations such as as interpretations of market scenarios through data sources and availability, among others. Therefore, RedSeer does not guarantee the accuracy or completeness of the underlying data or the report. Forecasts, estimates and other forward-looking statements contained in the report are inherently uncertain and could fluctuate due to changes in the factors underlying their assumptions, or due to events or combinations of events that cannot be reasonably predicted. Additionally, the COVID-19 coronavirus pandemic has significantly affected economic activity in general and it is not yet fully contained. The forecasts, estimates and other forward-looking statements contained in the report depend on such factors as the recovery of the economy, changes in consumer sentiment, the competitive environment, among others, resulting in substantial uncertainty, all of which cannot be reasonably and accurately taken into account. . Actual results and future events could differ materially from such forecasts, estimates or statements. The report is not a recommendation to invest/divest in any entity covered by the report and the report should not be construed as investment advice within the meaning of any law or regulation. Without limiting the generality of the foregoing, nothing in the report should be construed as RedSeer providing or intending to provide services in jurisdictions where it does not have the necessary authorization and/or registration to carry out its business activities in this respect. No part of the report may be reproduced, extracted or published in any form without the prior written consent of RedSeer.

For more information, write to

Hemchandra Shetty
E-mail: [email protected]

[1] Source – RedSeer report titled “Opportunities in B2B Payments in India‘, May 2022
[2] Customers who have entered into contracts with us, registered with us or downloaded our application to use the service offerings on our ecosystem, our platforms or our mobile application.
[3] Users who have made or received payments using our platform for payments without any contract or registration with us or downloaded our application.
[4] Source – RedSeer report titled “Opportunities in B2B Payments in India‘, May 2022
[5] Source – RedSeer report titled “Opportunities in B2B Payments in India‘, May 2022

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SOURCEPayMate India Limited



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