Business-to-business (B2B) payments and services provider PayMate India Limited is launching a new solution on its platform that integrates utility bill payments using Visa and other commercial credit cards enabling customers to pay expenses for landlines, electricity, water, broadband and more.
“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,” Ajay Adiseshan, founder, managing director and chairman of PayMate said in a press release on Friday (July 22).
PayMate processed $281 thousand (22 million rupees) of direct tax payments on its platform through commercial credit cards from April to December 2021. Goods and services tax (GST) payments for the same time period totaled $1.2 million (99 million rupees) via commercial cards.
Total payment volume (TPV) for overall commercial card processing increased from $2.3 million (187 million rupees) in fiscal year 2021 to $5.8 million (464 million rupees), according to the release. By the end of last year, there were 166,811 people using the PayMate.
Headquartered in Mumbai, Maharashtra, India and founded in 2006, PayMate is a B2B payments FinTech for B2B companies and is also a Visa-certified Business Payment Solution Provider (BPSP) in the UAE. The company is planning to expand into other parts of Central Europe, the Middle East and Africa (CEMEA).
PayMate used Visa exclusively for commercial credit cards processed for certain international territories. In turn, Visa introduced PayMate to Visa-issuing financial institution partners, per the release.
PYMNTS data shows that 50% of Main Street SMB owners said economic uncertainty could hurt their performance this year but embracing digital payments solutions can offer cash flow flexibility.
