PayMate

Last updated

PayMate India Ltd.
FormerlyPayMate India Pvt. Ltd.
IndustryFinancial services
FoundedMay 2006
FounderAjay Adiseshan, Managing Director & Chairman
Headquarters Mumbai, India,
Mumbai
Key people
Vishvanathan Subramanian (Ravi), CFO & Director
ProductsPayMate
ServicesB2B payments platform & solutions
Subsidiaries PayMate Payments Services Provider LLC (PayMate LLC), PayMate India SPC
Website paymate.in

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

Contents

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 payment 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 payment 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.

PayMate India Lts. filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to float its initial public offering (IPO) in May, 2022. [7]

Acquisition

PayMate acquired lender Zaitech Technologies Pvt. Ltd in 2018. [8] [9]

Awards and recognition

Related Research Articles

Tata Teleservices Limited along with its subsidiary Tata Teleservices (Maharashtra) Limited is an Indian internet services provider and IT services company headquartered in Mumbai, India. It is listed on BSE and NSE in India.

First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provides nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and at online outlets for nearly a third of all U.S. debit cards.

<span class="mw-page-title-main">Euronet Worldwide</span> Electronic payments company

Euronet Worldwide is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services and payments software. Among others, it provides the prepaid subsidiaries Transact, PaySpot, epay, Movilcarga, TeleRecarga and ATX.

<span class="mw-page-title-main">Spice Money</span> Indian rural fintech company

Spice Money Limited (SML) is an Indian rural fintech and digital services company headquartered in Noida, India. It was founded in 2000 by Dilip Modi, the chairman and group CEO of DiGiSPICE Technologies. SML operates as a subsidiary of DiGiSPICE Technologies. It engages local individuals, known as Adhikaris, to assist customers with their banking requirements. As of 2021, SML reportedly had a network of over a million Adhikaris on its platform.

The National Payments Corporation of India is an organization that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

<span class="mw-page-title-main">Carta Worldwide</span> Software company in Canada

Carta Worldwide is a Canadian financial technology company that offers digital payments technology and modern card issuer processing for banks and financial technology "fintech" companies. In addition to their Canadian headquarters in Toronto, Carta has offices in London, Casablanca, and Charlottetown, PEI. Carta operates internationally, providing financial technology and digital payment software and cloud API issuer processing.

MobiKwik is an Indian payment service provider founded in 2009 that provides a mobile phone-based payment system and digital wallet. Customers can add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.

<span class="mw-page-title-main">Paytm</span> Indian financial technology company

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Payment Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants.

Blackhawk Network Holdings Inc. is an American privately held company that operates in the prepaid, gift card and payments industries. It sells branded physical and digital gifts, phones, prepaid debit, and incentives cards online and through a network of global retailers. Blackhawk's network reaches people through a number of different channels including in-store, online, mobile, and incentive. Blackhawk headquarters are in Pleasanton, California and the company was incorporated in 2006.

<span class="mw-page-title-main">Unified Payments Interface</span> Indian instant payment system

Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). Indian Banks started making their UPI-enabled apps available on Google Play on 25 August 2016.

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.

<span class="mw-page-title-main">SIA S.p.A.</span>

SIA S.p.A. is an Italian company operating in the area of ICT, providing services to the banking and finance sector in addition to platforms for financial markets and e-payment services.

Merchantrade Asia (Merchantrade) is a Money Services Business (MSB), Digital Payment Service, Micro-insurance and Mobile Virtual Network operator (MVNO), based in Malaysia.

PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.

Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.

<span class="mw-page-title-main">Zeta (company)</span> Next-gen Banking Tech & Card Issuer Processor

Zeta is a next-gen banking tech company by founders Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, cloud banking, and "mobile experiences". Zeta provides its products to banks and fintechs globally.

<span class="mw-page-title-main">Payworld</span> Indian fintech company

Payworld is an Indian fintech company based that provides services including money transfer, recharges, and bill payments. The company was founded in 2006 by the Sugal & Damani group and has its headquarters in Gurgaon, Haryana.

Maya, is a Filipino financial services and digital payments company based in Metro Manila, Philippines.

<span class="mw-page-title-main">One97 Communications</span> Indian multinational technology company

One97 Communications Ltd is an Indian multinational technology company, headquartered in Noida. It was founded in 2000 by Vijay Shekhar Sharma. Through its subsidiaries and businesses, the company offers digital payment and financial services to consumers and merchants in India. It also provides mobile advertising, marketing and payments for merchants.

PayTabs is a payment processing company based in Saudi Arabia.

References

  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. Nahar, Pawan. "PayMate files DRHP to launch Rs 1,500 crore IPO with Sebi". The Economic Times. Retrieved 7 October 2022.
  8. Shetty, Mayur (15 May 2018). "PayMate buys online lender Z2P". The Times of India. Retrieved 10 August 2018.
  9. Austin, Christian. "123-kredit.info" . Retrieved 22 April 2023.
  10. "Finalist at Citi India Fintech Challenge". thehindubusinessline.com/.
  11. "Shifting Gears". Business Today. 3 March 2021. Retrieved 7 October 2022.
  12. "Automating SMEs". Business Today. 3 March 2020. Retrieved 7 October 2022.

Further reading