PayMate B2B Customers to make Utility Bill Payments using Visa Commercial Credit Cards

PayMate’s customers^[2] and users^[3] 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.

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.

About PayMate India Ltd.

PayMate is a leading B2B payment and services provider that digitizes, automates and streamlines business-to-business payments in supply chains. The PayMate platform provides upgradation from traditional paper-based workflows to software-driven workloads with digital payment streams like digital invoicing and several complementary features. The company has a presence in South Asia (India) and UAE and is aiming to expand across CEMEA. PayMate has been 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 is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (“Offer”) and has filed a Draft Red Herring Prospectus dated May 28, 2022 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and the respective websites of the book running lead managers to the Offer, 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 investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies in the future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with the SEBI in making any investment decision.”

Disclaimer for the offer materials: The market information in the Report is arrived at by employing an integrated research methodology which includes secondary and primary research. RedSeer’s primary research work includes surveys and in-depth interviews of consumers, customers and other relevant ecosystem participants, and consultations with market participants and experts. In addition to the primary research, quantitative market information is also derived based on data from trusted portals and industry publications. Therefore, the information is subject to limitations of, among others, secondary statistics and primary research, and accordingly the findings do not purport to be exhaustive. RedSeer’s estimates and assumptions are based on varying levels of quantitative and qualitative analyses from various sources, including industry journals, company reports and information in the public domain. RedSeer’s research has been conducted with a broad perspective on the industry 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 on account of reliance on the information contained in the Report. While 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 like interpretations of market scenarios across sources, and data availability, amongst 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 factors underlying their assumptions, or events or combinations of events that cannot be reasonably foreseen. Additionally, the COVID-19 coronavirus pandemic has significantly affected economic activity in general and it is yet to be fully abated. The forecasts, estimates and other forward-looking statements in the Report depend on factors like the recovery of the economy, evolution of consumer sentiments, the competitive environment, amongst others, leading to significant uncertainty, all of which cannot be reasonably and accurately accounted for. Actual results and future events could differ materially from such forecasts, estimates, or such statements. The Report is not a recommendation to invest/disinvest in any entity covered in 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 any services in jurisdictions where it does not have the necessary permission and/or registration to carry out its business activities in this regard. No part of the Report shall be reproduced or extracted or published in any form without RedSeer’s prior written approval.

For more information, please write to

Hemchandra Shetty

Email: hemchandra@conceptpr.in

 ^[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 for usage of service offerings on our ecosystem, platforms or mobile application.

^[3] Users who have made or received payments using our platform for payments without any contracts 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

Logo: https://mma.prnewswire.com/media/1864634/PayMate_Logo.jpg

(Disclaimer: The above press release comes to you under an arrangement with PRNewswire India and this publication takes no editorial responsibility for the same)